Shiba Inu meme coin (SHIB) not only outperformed all other cryptos in terms of social media growth in 2021 (with social media discussions about SHIB increasing by 16,000%), but it was also the most-viewed cryptocurrency on CoinMarketCap in the same year.
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Data compiled by Finbold reveals that after a meteoric rise in 2021, interest in the keyword โBuy Shiba Inu coinโ on Google Search has declined dramatically in the last 90 days. Since reaching a peak of 100 on October 29, 2021, interest in the keyword has slumped by 92% to a Google Trends score of 8 as of January 29, 2022.
Interestingly, the data shows that among the top 10 countries most interested in the โBuy Shiba Inu coinโ keyword, Nigeria tops the number of searches with a points score of 100, followed by Qatar in second place with 70, and North Macedonia ranked third with 67.
SHIB interest on the wane
The current bearish sentiment in both the cryptocurrency and stock market looks to have had a knock-on effect on many altcoins, with the great majority of them trading far below their all-time highs, making it impossible to state conclusively whether or not interest in SHIB is fading at the moment.
Recently we reported Shiba Inuโs market cap shrunk by $3.5 billion in just a week between January 1 and January 8, 2022, but as mentioned previously, the token appears to be a casualty of the general market crash.
Overall, according to the data shared by WhaleStats recently, ETH whales now hold a staggering $1.5 billion worth of SHIB.
SHIB Price Analysis: Shiba Inu Forms An Inverted Pennant Pattern; Another 35% Dip On Charts
As mentioned in our previous Shiba Inu price analysis, the SHIB buyers lost a crucial shared support level of 0.786 Fibonacci retracement level and 200-day MA on January 21st. With this breakdown, the token price was expected to plunge to the $0.000014 support after retesting the flipped resistance($0.000023) for sufficient supply.
However, the descending trendline providing strong support to the SHIB price holds the coin just below the $0.000023 mark. This week the token chart shows several Doji candles, indicating uncertainty among the market participants.
This recent free fall has engulfed the 200-day MA, indicating a bearish trend. Moreover, the 20 and 200-day is on the verge of giving a bearish crossover.
The daily Stochastic RSI providing a bullish crossover among the K and D line struggles to rise higher, suggesting a lack of bullish momentum from bulls.
SHIB will remain in a bearish trend until the token price is under the influence of the falling parallel channel pattern. Furthermore, the token chart shows the price is resonating in an inverted pennant pattern whose breakout could free the token price from current consolidation.
If the sellers manage to sustain the price action below the dynamic resistance, the token would sink to the $0.000014 mark(-35%)
On a contrary note, the falling channel pattern hides an excellent bullish opportunity for crypto traders if the token give an upside breakout from the resistance trendline.
Resistance- $0.000015, $0.0000150
Support- $0.000015, $0.0000150
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