As a seasoned researcher with years of experience in the cryptocurrency market, I have seen countless ups and downs, bull runs, and bear markets. The current state of Shiba Inu (SHIB) is no exception to this rollercoaster ride.
In the past day, similar to other cryptocurrencies, Shiba Inu (SHIB) has seen a significant drop in value, with losses exceeding ten percent. This price fall might be due to the increasing influence of SHIB bear traders, as bullish sentiment seems to have waned for now.
In my experience as a Shiba Inu coin investor, under the current circumstances, it seems difficult for the SHIB price to make a significant surge. There are other elements at play that could potentially deepen the downtrend.
Shiba Inu Selling Pressure Rises, Network Activity Slides
2 days back, SHIB’s price stood at $0.000024. Currently, its value has dipped to $0.000019, mirroring the overall market trend where Bitcoin (BTC) and other cryptocurrencies have also experienced a drop.
Based on current assessments, there’s a strong possibility that the value of cryptocurrencies might keep decreasing. One piece of evidence pointing towards this trend is the Bulls and Bears Indicator. This tool monitors the transactions made by accounts responsible for 1% of the total trading volume, with ‘bulls’ referring to those who buy and ‘bear’ to those who sell.
If there are more bulls than usual, it’s possible that the price of SHIB may see a strong increase. However, at present, it seems like the number of SHIB bear investors has grown, which might indicate a potential drop in the coin’s value below $0.000019 over the short term.
Additionally, decreased network activity could be a clue suggesting a possible continued fall in Shiba Inu’s price. Data from Santiment shows a notable decrease in the number of active addresses related to this token.
In simpler terms, active address metrics track the distinct digital wallets transacting with a specific cryptocurrency during a defined timeframe. An increase in these addresses indicates growing participation and interaction, implying that more wallets are partaking in activities related to the cryptocurrency.
Instead, when the number of active Shiba Inu (SHIB) addresses drops, it suggests less engagement with the token, which often means a decrease in successful transactions on the blockchain. This reduced activity could be indicative of dwindling interest or demand, making it more likely that SHIB’s value may fall in the short term.
SHIB Price Prediction: Token Continues to Sink
Previously, SHIB’s price had an attempt to increase on December 11, with the token valued at $0.000029. As of the 4-hour chart, the Relative Strength Index (RSI) stands at 31.53.
The Relative Strength Index (RSI) determines momentum based on the magnitude and pace of price fluctuations. If the value falls below 50.00, it suggests a bearish momentum. Conversely, an increase in the RSI’s reading indicates a bullish momentum.
Based on the current market conditions, it’s possible that Shiba Inu’s bearish phase could persist, potentially pulling down its price. Should this trend carry on, the value of the meme coin might drop to approximately 0.000015 USD.
If bulls gain control or if the token experiences heavy selling, the situation may shift. Under such conditions, Shiba Inu’s price could potentially surge past its current resistance at $0.000026, reaching as high as $0.000033 in a potential rally.
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2024-12-20 19:34