Will SHIB Bears Continue to Pull the Meme Coin Price Down?
Like other cryptocurrencies on the market, Shiba Inu’s (SHIB) prices have experienced double-digit declines in the past 24 hours. This price drop may be related to the increasing dominance of SHIB bears, as bulls appear to have taken a backseat.
In this case, it may be difficult for SHIB prices to rise significantly. Other factors may accelerate the downsizing.
Shiba Inu sales pressure rises, online activity declines
Two days ago, the price of SHIB was $0.000024. As of this writing, the meme token’s value has dropped to $0.000019, in line with broader market conditions that have seen Bitcoin (BTC) and other altcoins decline.
According to this analysis, the cryptocurrency is likely to continue falling. Indicators that indicate this deviation are the bull and short indicators. This metric tracks the activity of addresses that account for 1% of the total trading volume for buying (long) and selling (selling).
When the number of longs is high, the price of SHIB may face greater upward pressure. As of this writing, the number The number of SHIB bears increasesindicating that the meme coin’s value may fall below $0.000019 in the short term.
Beyond this, online activity is another key indicator that suggests Shiba Inu prices may fall further. On-chain data from Santiment shows a significant drop in active addresses associated with the token.
Active addresses measure Unique wallet interaction Cryptocurrency usage during a given period. When this indicator rises, it indicates higher participation, as more wallets are involved in transactions involving cryptocurrencies.
Conversely, as shown by SHIB, a decrease in active addresses indicates less interaction with the token, which means fewer successful blockchain transactions. This decline in activity may reflect waning interest or demand, further supporting the Possibility of decline in SHIB value In the short term.
SHIB Price Prediction: Coin Continues to Fall
last time SHIB price try Trading higher was on December 11th. At the time, the token was valued at $0.000029. On the 4-hour chart, the Relative Strength Index (relative strength index) reads 31.53.
RSI uses the size and speed of price changes to measure momentum. When the reading is below 50.00, the momentum is bearish. On the other hand, if the indicator reading is rising, the momentum is bullish.
Given the current outlook, SHIB bears may Continue to lower prices. If this trend continues, the memecoin’s value could drop to $0.000015.
However, this could change if the bulls take over or the coin becomes oversold. In this case, the price of SHIB is likely to break above the $0.000026 resistance level and A rebound may occur $0.000033.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
