Shiba Inu Price’s 16% Drop Wipes July Gains; Trouble In August?SHIB / TetherUSBINANCE:SHIBUSDTBeInCryptoAt the time of writing, SHIBUSDT is trading at $0.00001297, having lost 16% over the past week. The meme coin has wiped out more than half of the gains it saw in July. This decline places SHIB in a vulnerable position, with the potential to continue its downward trajectory. The relative strength index (RSI) has also seen a significant shift, slipping into the bearish zone below the neutral mark of 50.0. This suggests that bearish momentum is building and could continue to strengthen, driving SHIBUSDT price lower. Given the current market sentiment, it’s likely that SHIBUSDT will experience further declines in August. The altcoin could test the support level at $0.00001252, pushing its price even lower. If this support fails to hold, a more significant drop could occur, leading to further challenges for Shiba Inu. However, if investor demand suddenly spikes, there could be a chance for SHIBUSDT to recover. A price push towards $0.00001435 would be a significant milestone for the meme coin. If SHIB manages to break this resistance level, it could potentially rewrite its history by posting gains in August. -------- Aaryamann Shrivastava (On-Chain Analyst) LinkedIn - aaryamann-shrivastava Twitter - @Aaryamann_KS