Shiba Inu Price Takes a Hit in September – Are More Losses on the Horizon?
The Shiba Inu price has gained by 2% today, rising to $0.00001358 as the cryptocurrency market as a whole posts a 1% return in 24 hours.
Despite this lift, SHIB remains down by 7% in a week and by 3% in a month, with the meme token still struggling with a lack of momentum.
Yet its 73% annual gain does provide hope for the longer term, with Shiba Inu witnessing steady growth this year on the back of its improving fundamentals.
And with developers launching the iOS version of the new Shibarium-based game Agent Shiboshi today, there’s reason to believe that the Shiba Inu price will continue to rise.
As with many coins right now, SHIB’s chart is in a difficult position, somewhere between a proper recovery and further losses.
For instance, its relative strength index (purple) has begun falling again after rising to 60 very early this morning, a possible sign that today’s little lift may not last long.
On the other hand, the token’s 30-period moving average (orange) makes it clear that a more sustained recovery should be coming soon, given that it has been below the 200-period average (blue) for around a week now.
The thing with SHIB, however, is that its 24-hour trading volume remains fairly low, at around $200 million today.
This signals an ongoing lack of interest in the meme coin, which hasn’t seen volumes of $1 billion or above since early August, when a market crash saw its price plummet from about $0.000014 to $0.000011 in about half a day.
Indeed, SHIB seems noticeably absent from data and transfer aggregators at the moment, with the last time Whale Alert reported on a big Shiba Inu transfer was July 20, when $48.3 million in the coin was taken off Robinhood.
Since then the Shiba Inu price has been on a downwards trajectory,
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