Meanwhile, potential investors remain reluctant to enter the Shiba Inu market due to the strong fear, uncertainty, and doubt (FUD).
Consequently, current SHIB buy orders are too low compared to the market supply. Currently, there are only 3.9 trillion SHIB buy orders listed on the 20 major crypto trading exchanges and trading platforms shown in the chart above, including Binance and Coinbase.
This means there is currently an oversupply in the market of 1.1 trillion SHIB, worth approximately $18.7 million.
In particular, when the supply of an asset exceeds actual demand, this creates significant downward pressure on prices as sellers may now be forced to compete by slightly lowering their prices and executing their sell orders more quickly.
This explains why the SHIB price could face further downside risks amid increasing volatility in the crypto market.
If this market momentum continues and there are no positive developments surrounding potential bullish catalysts such as the launch of Ethereum ETFs or a cut in interest rates by the US Federal Reserve, strategic traders can expect the Shiba Inu price to continue to decline towards the $0.000015 mark in the coming days.
SHIB Price Prediction: Upcoming Price Drop Towards $0.000015
Regarding the short-term Shiba Inu price prediction, SHIB has been trending in oversold territory for more than a week, as shown by the Relative Strength Index (RSI) data, which has been trading below the critical threshold of 30.0 since June 17.
