Shiba Inu price is facing a potential drop as the number of daily active addresses hits a one-year low, indicating waning network activity and reduced investor confidence in the meme coin. Data shows a significant decline in active addresses, which is directly correlated with the price of SHIB. If the bearish sentiment continues, Shiba Inu price could plummet to as low as $0.0000055. Additionally, the declining Total Value Locked in the network could further contribute to the price decrease unless buyers step in to support SHIB.
On the technical analysis front, Shiba Inu price is currently trading at $0.0000123 with minimal gains in the last 24 hours. The meme coin has been experiencing sideways price movements, and without a significant increase in buying activity, SHIB may continue to stall at its current range. However, if Shiba Inu manages to break resistance at the descending trendline and the middle Bollinger band, it could potentially reverse the bearish trend and push towards the upper Bollinger band, sparking a bullish run for SHIB. The RSI indicator sits at a neutral level, indicating a balance between buying and selling pressure.
Despite the technical analysis suggesting a possible breakout, the fading retail interest and declining network activity pose risks for Shiba Inu price. The four-hour chart shows a slight shift, and if SHIB can break out of the upper trendline resistance, it may defy the bearish thesis and surge. The next resistance level to watch for is $0.0000139, which coincides with the upper Bollinger band. An uptick in buying activity and a successful flip of the resistance levels could potentially shift the momentum in favor of SHIB.
In conclusion, Shiba Inu price is facing downward pressure due to the decrease in daily active addresses and declining Total Value Locked in the network. While technical analysis suggests a potential breakout if resistance levels are flipped, the overall sentiment remains bearish. Investors should closely monitor market developments and network activity to gauge the future path of SHIB price. It is essential to conduct thorough market research and stay informed to make informed investment decisions in the volatile world of cryptocurrencies.
