Shiba Inu (SHIB) has dropped by over 4.5% in the last 24 hours as the broader cryptocurrency market suffered a decline. Despite this setback, the meme coin’s uptrend remains intact as Shiba Inu’s Bollinger Bands signal hope for the price outlook.
Bollinger Bands and Shiba Inu outlook
CoinMarketCap data indicates that Shiba Inu’s upper Bollinger Bands have a slight depression just below $0.000008503. Regardless of this depression, the meme coin has not totally unraveled. Notably, the Relative Strength Index (RSI) of SHIB has only slightly shifted from neutral position.
With Shiba Inu yet to slip into oversold conditions, the current price drop might just be a mild price reset that might not linger.
As of press time, Shiba Inu exchanged hands at $0.000008588, which represents a 4.34% decrease in the last 24 hours. This indicates that the asset is still performing above its upper Bollinger Bands. However, trading volume has also slipped into the red zone, down by 27.75% to $134.7 million.
Shiba Inu Price Outlook | Source: CoinMarketCapThis remains a major challenge for the dog-themed meme coin. If investors’ interest fails to rekindle, the current decline might linger. More worrisome is that the SHIB deflationary burn mechanism is down by over 82%.
This could affect the asset’s recovery journey as potential investors might not be moved to accumulate SHIB. Already, Shiba Inu’s open interest has dropped by 17% as losses extended in the ecosystem. This indicates that the futures market is also on a decline.
Shiba Inu’s weekly gains persist
As U.Today reported, Shiba Inu appears to have gone back in time as SHIB is currently trading at levels similar to its preholiday structure.
In 2025, the meme coin faced intense volatility that ultimately resulted in the addition of a zero.
The only support Shiba Inu has is that the meme coin has not lost all of its weekly gains. It remains up by 23% in the last seven days, and if the broader crypto market recovers, SHIB to $0.00001 might be a reality.
Source: https://u.today/shiba-inu-shib-uptrend-still-intact-bollinger-bands-signal
