SHIB Market Plunges: Musk’s Account Suspension Sparks Bearish Panic

SHIB Market Plunges: Musk’s Account Suspension Sparks Bearish Panic

• The Shiba Inu market succumbs to a bearish whirlwind as Elon Musk suspends the burn tracker.
• SHIB price plunges amidst burn tracker suspension, signalling market distress.
• Negative sentiment engulfs the SHIB market as RSI dips and MACD turns bearish.

Bearish sentiment has dominated the Shiba Inu (SHIB) market over the previous 24 hours, fueled by Elon Musk’s suspension of the Shiba Inu burn tracking Twitter account. During the bearish reign, SHIB’s price fell from an intra-day high of $0.000007954 to a 24-hour low of $0.000007684.

SHOCKING: Elon Musk Suspends #Shiba Inu Burn Tracker Twitter Account A thread pic.twitter.com/fJrkdFxQW3

— Keyur Rohit (@CryptoKingKeyur) June 26, 2023

SHIB was trading at $0.000007752 at the time of publishing, down 2.52% from its previous close.

SHIB’s market capitalization and 24-hour trading volume fell by 2.52% and 10.24%, to $4,567,951,948 and $105,336,556, respectively. This drop indicates a negative mood, as investors are concerned about the long-term implications of suspending the burn-tracking Twitter account on SHIB’s prospects.

SHIB/USD 24-hour price chart (Source: CoinMarketCap)

The Relative Strength Index (RSI) moves south and below its signal line, indicates negative momentum in the SHIB market, with a value of 57.39. This RSI movement means that additional downward action in the SHIB market is likely.

If the RSI continues to fall, it might spark a sell-off among investors already wary of the market. The Moving Average Convergence Divergence (MACD) indicator, which displays a negative crossing and a bearish trend, also reflects a pessimistic attitude.

This negative trend is visible with a MACD value of 3.057637 and movement below its signal line. The histogram has gone below the “0” line, suggesting substantial negative pressure on the SHIB market, adding to the bearish trend.

The Bull Bear Power (BBP) on the SHIBUSD 4-hour price chart has shifted into the negative region, reading -0.640329, showing the market’s bearish momentum.

This BBP pattern indicates that the bears are in charge of the market and that additional price reduction are likely.

The pessimistic attitude, reinforced by a Money Flow Index reading of 64.35 and motion south, signals probable selling pressure in the market. This tendency may cause the price of SHIBUSD to fall further as investors begin to sell off their holdings in expectation of continued downward pressure.

AAVE/USD price chart (source: TradingView)

In conclusion, bearish storms loom over SHIB as Musk’s Twitter move rattles the market, triggering price drops and negative indicators.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post SHIB Market Plunges: Musk’s Account Suspension Sparks Bearish Panic appeared first on Coin Edition.

See original on CoinEdition