Shiba Inu Crypto Drops 21%, Trend Reversal Unlikely
The Essentials in Brief
The cryptocurrency Shiba Inu has taken a brief respite after a significant price drop of 21%. This development raises the question of whether there are signs of an impending trend reversal. In addition to the price trend, other important metrics such as the number of active addresses and trading volume have also declined. These indicators are crucial in assessing the future market development of Shiba Inu.
Price Development of Shiba Inu
The price development of Shiba Inu has shown a continuous downward trend without significant recovery since June 5. From the start of the decline to the current point in time, Shiba Inu has lost about 21% of its value. A slight recovery on June 15, in which Shiba Inu gained 2.37%, could not reverse the negative trend. The Relative Strength Index (RSI), an indicator of market momentum, remains in a strong bear trend with a value of about 35.
The Dynamic of Active Addresses
Another important indicator of market activity is the number of daily active addresses. An analysis of this metric shows a decline in network activities in recent weeks. The number of active addresses dropped from between 7,000 and 6,000 to about 2,500. This decrease in active addresses suggests that there is currently not enough network activity to trigger a significant price movement.
Trading Volume of Shiba Inu
Parallel to the number of active addresses, the trading volume of Shiba Inu has also decreased. The current volume is about 180 million US dollars. In the preceding trading sessions, the volume was still over 300 million or 400 million US dollars. This decline in trading volume underscores that a stronger impulse would be needed to have a significant impact on the price trend.
Our Assessment
The current market analysis of Shiba Inu shows that despite a brief pause in the downward trend, both the fundamental network activities and the trading volume remain weak. These factors suggest that without a significant increase in market participation and volume, a sustainable trend reversal in the near future is unlikely. Investors and interested parties should closely monitor these developments and adjust their strategies accordingly.
Sources
– Santiment
– TradingView
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