Shiba Inu (SHIB), a cryptocurrency with a dog motif, and the cryptocurrency market are both undoubtedly in a gloomy period.
When asset values decline over a lengthy period of time, a bear market arises. During this stage, asset values decline as investor confidence stays low and FUD (fear, uncertainty, and doubt) keeps growing.
From their all-time highs, the majority of cryptocurrencies, including SHIB, have fallen up to 90%. For instance, SHIB has decreased 91.76% after reaching an all-time high of $0.000088 in October 2021. Shiba Inu’s profitability has drastically decreased and is now only 11%.
The prevailing mood on the cryptocurrency market is still gloomy. The market capitalization of cryptocurrencies decreased by 1.50% in the previous day due to a decline in Bitcoin and other crypto assets in response to the most recent Fed rate decision. SHIB’s price had decreased somewhat over the previous day to $0.00000728 as of the writing.
The good news is that the cryptocurrency market has already experienced bear markets, and this period will almost likely come to an end once the bulls regain control. There are glimmering signs of promise in this area.
Shiba Inu might see shocking reversal
In light of this, Lucie, a member of the Shiba Inu team, provided a comforting and intriguing perspective on the cost of the breed. Lucie foresees that Shiba Inu might have a startling turnaround in the next weeks, probably between October and November.
https://x.com/LucieSHIB/status/1704817920503591278?s=20
I’m feeling bullish, and I know my TA pals were negative, but I’ve estimated a bottom in 2022, and I’m confident we’ll soon witness a completely startling reversal of the market move in a few weeks, said Lucie. Check out October and November.
As of right now, the cryptocurrency market is still experiencing a bear market by every technical indicator or objective standard. Prices have dropped significantly from their peak in 2021, with a further sharp drop occurring in 2022 and this year.
While optimism prevails, it should be highlighted that because crypto values are more susceptible to significant up-and-down swings over brief periods, forecasting the beginning or end of a bull or bear market may be futile.
