Shiba Inu Drops 16%, Wiping Out Half of July Gains

Shiba Inu (SHIB) has just seen a sharp decline, losing 16% in just one week and now trading around $0.00001297. This drop has erased more than half of the gains the meme coin achieved in July, raising concerns over what lies ahead for August.

Historical data shows that August has typically not been favorable for SHIB. Over the past four years, the coin has posted an average return of -1.32% and a median return of -1.04%. While these numbers aren’t disastrous, they do suggest a cautious outlook for investors this month.

The Relative Strength Index (RSI) has also fallen below the neutral level of 50, indicating that sellers are in control. This technical signal often points to short-term downward pressure, suggesting that SHIB’s bearish momentum may persist.

More Declines Likely for SHIB

With current momentum, SHIB may continue to slide throughout August. If it breaks the support level at $0.00001252, a deeper correction could follow. Market conditions remain volatile, and without a clear recovery trigger, SHIB’s short-term outlook appears weak.

Still, there’s room for a rebound if investor demand suddenly rises. If SHIB can climb back and break through resistance at $0.00001435, it could trigger a bullish reversal — and potentially make history with a rare positive performance in August.