Shiba Inu went down on the 24th of November, as its major appeal among the retail traders- ones that helped it in its price rally- declined. The price of the cryptocurrency dropped by almost 60% after it went through its all-time high on the 28th of October, which implied that most traders were actively locking in their profits from SHIB.
This further resulted in a comprehensive drop in the benchmark instrument of the cryptocurrency along with its volumes on Binance, which finally underscored into an extremely weak retail interest. Whilst doing so, the reported market cap of SHIB slipped exponentially to a sum of $21.30 billion from its earlier position of $28.31 billion.
Shiba Inu Price Bull Flag Setup
Even the keyword search variables on Google have been displaying quite a staggeringly low interest in the markets of Shiba Inu, with its score over a yearly time frame going down from a perfect 100 to 20, which is quite in line with the 60% price correction of SHIB. According to an independent market analyst, Alex Kruger, one could imply that the dropping of the cryptocurrency from Google Trends could be a major sign that the token was topping out which further highlighted its bearish cycle.
Incidentally, the largest selling bout in the market of Shiba Inu did manage to push the prices under a critical upward sloping support- which then triggered its potential to decline further. As an example, the levels which were defined under the scope of the Fibonacci retracement graph- which was drawn from a low of $0.00000614 to a high of $0.00008933, provided multiple entries and exit points as the price of the cryptocurrency went down lower.
In its operation of offsetting the sell-off fears in the market of Shiba Inu, there could be a massive occurrence of a potential bull flag setup.