Shiba Inu has experienced a continuous decline in the past two weeks, and Meme Coin leaders are now facing the possibility of further losses.
The ongoing downtrend indicates that Shiv is losing momentum, primarily due to reduced investor support. This caused prices to fall 21%.
Shiba Inu’s loss is a joke
The number of new addresses interacting with Shiba Inu has been significantly decreasing, reducing investor interest. In just two weeks, the number of new addresses fell 44%, down from 2,059 to 1,171.
If investors retreat, Shiv could also gain a lot of momentum. The decline in new addresses suggests that Shiba Inu has lost traction and Altcoin is becoming more difficult to recover. Without renewed interest, tokens may struggle to attract the demand they need to counter the ongoing downward trends.
It appears that the broader market sentiment is also affecting Shiba Inu. The technical indicator, Relative Strength Index (RSI), currently sits in the bearish zone under the neutral mark of 50.0.
This highlights the lack of purchasing pressure and suggests that bearishness may persist. So, Shiba Inu’s recovery appears to be bleak unless there is a change in market conditions. The weak RSI reflects broader pessimism in the market, putting even more pressure on Shiv’s prices.
SHIB price drawdown may continue
Shiba Inu prices have fallen 21% in the past two weeks, with Altcoin trading at $0.00001212. Despite the recent decline, Shiv remains under the downtrend line with few signs of a major rebound. Prices have struggled to break past major resistance levels in reverse the trend.
If SHIB is able to hold a support level of $0.00001182, it may merge between $0.00001182 and $0.00001252. However, if the downtrend persists, Shiv could fall further to $0.00001141, threatening its continued bearish momentum. This decline could erase more profits and further disappoint investors.
If market sentiment changes and Shiba Inu’s price is successful in supporting $0.00001252, it could indicate a potential recovery. A break above this level could lead to SHIB rising to $0.00001333, suggesting a reversal of the decline. However, this recovery is heavily dependent on external market factors and investor sentiment.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
