Crypto Market Prediction: Shiba Inu (SHIB): Downtrend Confirmed, As Bitcoin (BTC) Reels Under Macro Pressure

The crypto market is currently having a sluggish week, with the prices of dominant cryptocurrencies falling. The overall market cap has declined to 3.87 trillion. The world’s largest cryptocurrency, Bitcoin ( BTC), is tumbling amid the macro uncertainties, while popular memecoin Shiba Inu (SHIB) is having a sustained downtrend. Nonetheless, as the most widely adopted cryptocurrency, a recovery for BTC can not be ruled out if the macro pressure eases. 

Shibu Inu: Technical Analysis Confirms the Selling Pressure

The retail investors’ former favorite Shibu Inu is losing its sheen amid the growing macro pressure. The technical analysis shows a strong selling pressure, confirming the downtrend. The SHIB price plunged by around 15.0% in the past week, and bearish sentiment continued throughout the week around the popular meme coin.

Currently trading around $0.00001034, its price has decreased by more than 3% in the past 24 hours. The market cap has declined to $6.09 billion. The 14-day Relative Strength Index stands at 37, neutral yet showing mild bearish signals. The MACD histogram is bearish. The market oscillators are overall giving a sell signal, while moving averages are showing strengthening bearish sentiments, confirming the downward trajectory.

The SHIB is trading below its 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA), both reinforcing the selling pressure. The next Fibonacci support level available is around 0.00000935. The further decline may dip the price to $0.000009441 or, in the worst case, to $0.000007. 

How is BTC Faring Amid Macro Headwinds?

The world’s largest cryptocurrency had its all-time high of $126K earlier this month, only to stumble to $104,782.88 amid the market crash that followed U.S. President Trump’s announcement of more than 100% tariffs on China. Although BTC recovered in the days that followed, the flagship token failed to hold the Fibonacci $113k level.

Moreover, BTC is currently hovering around $111,497.78 below both the 10-day Exponential Moving Average (EMA) and Simple Moving Average (SMA). The moving averages are sending strong bearish signals.

The MACD crossover further reinforces the building selling pressure. However, the 14-day Relative Strength Index (RSI) is at 47. The RSI is suggesting a neutral stance with enough room before entering oversold territory. The next fibbocci support level for BTC is at $109,014. If BTC fails to hold the key support level, further dips are in store. Confirming the bearish sentiments, the BTC Exchange Traded Fund witnessed an outflow of $104.82 million.

Despite the current decline, it’s worth noting that BTC has strong fundamentals and institutional support. Hence, a comeback can not be ruled out once the macropressure eases. 

Final Thoughts

The markets all over the world are feeling the macro pressure, and the crypto market is no exception. Both technical analysis and ongoing macro pressure amid heightened geopolitical tensions between the U.S and China, the ongoing U.S government shutdown, are enhancing the selling pressure on crypto tokens. As the crypto market remains highly volatile, investors are recommended to stay updated regarding key market indicators.