Shiba Inu has been experiencing a continued decline over the last two weeks, with the meme coin leader now facing the possibility of further losses.
The ongoing downtrend signals that SHIB is losing momentum, primarily due to diminishing investor support, which has led to a 21% price drop.
Shiba Inu Losses Monunt
The number of new addresses interacting with Shiba Inu has sharply declined, reflecting waning investor interest. In just two weeks, the number of new addresses fell by 44%, dropping from 2,059 to 1,171.
As investors retreat, so does the likelihood of SHIB gaining significant momentum. The decline in new addresses suggests that Shiba Inu is losing traction, making it harder for the altcoin to recover. Without fresh interest, the token may struggle to attract the demand needed to counteract its ongoing downtrend.
Shiba Inu New Addresses. Source: Glassnode
The broader market sentiment also appears to be impacting Shiba Inu. The Relative Strength Index (RSI), a technical indicator, is currently sitting in the bearish zone below the neutral mark at 50.0.
This highlights the lack of buying pressure and suggests that bearish conditions could persist. As such, Shiba Inu’s recovery seems bleak unless a shift in market conditions occurs. The weak RSI reflects the broader pessimism in the market, further pressuring SHIB’s price.
Shiba Inu RSI. Source: TradingView
SHIB Price Drawdown Might Continue
Shiba Inu’s price has fallen 21% over the past two weeks, with the altcoin trading at $0.00001212. Despite the recent drop, SHIB remains under the downtrend line, showing little sign of a major rebound. The price is struggling to break past key resistance levels and faces challenges in reversing the trend.
If SHIB can hold the support level of $0.00001182, it may consolidate between $0.00001182 and $0.00001252. However, if the downtrend persists, SHIB could drop further to $0.00001141, threatening the continuation of its bearish momentum. This decline could erase more gains, further disappointing investors.
Shiba Inu Price Analysis. Source: TradingView
If the market sentiment shifts and Shiba Inu’s price manages to flip $0.00001252 into support, it could signal a potential recovery. A break above this level could allow SHIB to rise to $0.00001333, suggesting a reversal of the downtrend. However, this recovery depends heavily on external market factors and investor sentiment.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
