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SHIB Continues Downward Spiral as Bulls Struggle for Momentum

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    • Since mid-April, the price of SHIB has been consistently declining, with no signs of a significant upward movement. This downward trend started after facing resistance at the $0.0000117 level.
    • Bearish pressure has been dominant, leading to losses of approximately 15.5% in May. These losses are expected to continue with further anticipated declines.

The trending searches on LunarCrush indicate that SHIB, the popular cryptocurrency, has surpassed PEPE. This development has raised hopes among investors for a possible rally in the future.

Source: LunarCrush

Even though SHIB has shown positive on-chain metrics, certain market indicators suggest a bearish trend. Although SHIB has outperformed the meme-inspired PEPE, indicating its increasing popularity among crypto enthusiasts, it is still uncertain whether this is an early sign of an upcoming price surge.

It is worth noting that SHIB has consistently remained the most traded token among the top 100 ETH whales, indicating its appeal to influential investors.

In the past day, the burn rate of SHIB tokens has seen a significant spike, with an astonishing increase of over 20,000%. As a result, a total of 3,034,309,519 SHIB tokens have been eliminated through burning and other transactions within the last 24 hours.

In the past week, the price of SHIB witnessed a slight decrease of 0.38%, as reported by CoinMarketCap. Presently, SHIB is being traded at $0.000008798, and its total market value stands at $5.1 billion.

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Bullish sentiments have faced challenges in influencing the price movement of SHIB. The buyers attempted to establish a support level around the $0.0000099 range, which also aligned with a bullish order block from March.

There are indications pointing towards a potential trend reversal for SHIB. Net deposits of SHIB on exchanges have been relatively low compared to the previous seven days, suggesting a decrease in selling pressure. Additionally, the number of active addresses has remained high, which indicates a growing usage of the meme coin.

Shiba Inu Price Chart (Source: Tradingview)

Moreover, SHIB’s Relative Strength Index (RSI) is currently indicating an oversold position, which could potentially result in higher buying activity and a potential increase in price. These factors suggest the possibility of a trend reversal in the near future.

Although SHIB surpassing PEPE in trending searches is a positive sign, investors should exercise caution and take into account other market indicators before getting too excited about a potential rally. It’s important to consider additional factors before drawing any conclusions.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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