- SHIB’s downtrend has been temporarily halted.
- SHIB continues to maintain a strong bearish trend.
Shiba Inu prices have been falling sharply in recent days, but the decline halted in the last trading session. With the decline now at a halt, are there any other indicators that suggest momentum could pick up from here?
SHIB’s downtrend paused
Analysis of Shiba Inu price trends shows that the decline began on June 5th and has not seen a significant recovery since then.
The Price Band tool shows that Shiba Inu has fallen about 21% since the decline began to date.
Source: TradingView
According to the analysis, Shiba Inu has risen by 2.37% to trade at around $0.000020 on June 15. At the time of writing, it remains in the same price range, albeit with a slight drop.
Moreover, an analysis of the Relative Strength Index (RSI) shows that although the price has seen some upside due to the uptrend, the bearish trend continues. Currently, the RSI is around 35, indicating a strong bearish trend.
The Shiba Inu’s speech loses momentum
With Shiba Inu’s downward trend temporarily halted, attention has shifted to other metrics such as daily active addresses, which can be analyzed to help assess an increase or decrease in activity on the network.
Source: Santiment
An evaluation of Santiment’s daily active addresses shows a decline over the past few weeks: between June 11 and 12, the number of active addresses ranged from 7,000 to 6,000, according to the graph.
However, subsequent declines have brought the numbers down to around 4,000 and 3,700. As of this writing, the number of daily active addresses is around 2,500.
This indicates that the number of active addresses is currently too small to cause significant price movements.
Shiba’s volume goes down
An analysis of Shiba Inu’s trading volume shows a decrease in trading volume over the past few days, which mirrors the trend of daily active addresses. The chart shows that the volume is around $180 million at the time of writing.
Source: Santiment
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In the last trading session, trading volume exceeded $300 million, and the session before that it exceeded $400 million.
This indicates that current volume needs to increase to influence price movement and that a more decisive move is needed to have a bigger impact.
