Shiba Inu's 10-Week Slump Deepens as Losses Mount

Shiba Inu's 10-Week Downtrend Continues as Losses Surge

Shiba Inu, once a leading meme coin, has been struggling with a prolonged downtrend for over 10 weeks. The price of SHIB has failed to recover, and the lack of upward momentum has raised concerns among both current holders and potential investors. The adoption rate for Shiba Inu has dropped to a four-year low, with the token failing to deliver significant growth over the past two months. This decline in adoption reflects a waning interest in the token, as potential investors are hesitant to commit to an asset showing minimal movement.

The MVRV Long/Short Difference indicator is currently at -5.5%, signaling that both long-term holders (LTHs) and short-term holders (STHs) are at a standstill in terms of profitability. Neither group is currently experiencing significant gains, which is a troubling sign for Shiba Inu. The lack of profits for both LTHs and STHs signals that investor sentiment may remain muted, further hindering the altcoin's price recovery.

Shiba Inu's price stands at $0.00001537, currently stuck below the downtrend line after failing to breach the resistance at $0.00001676. This resistance level has proven challenging, and as a result, SHIB has struggled to gain upward momentum. The two-and-a-half-month-long downtrend suggests that further declines may be likely unless there is a significant shift in market conditions.

If the current drawdown continues, SHIB could test the support level at $0.00001462. This level will be crucial for the token's immediate future, as any further declines could push the price lower, amplifying losses for investors. The continued weakness in adoption and sentiment makes it possible for SHIB to breach this support level.

On the other hand, if SHIB manages to breach and flip $0.00001676 into support, it could initiate a rally toward $0.00001961 and potentially even push past the $0.00002000 mark. This would invalidate the current bearish outlook, signaling a potential reversal and attracting investor interest once again. However, the chances of this recovery will