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Shiba Inu pauses after a 21% slide: Can it spark a turnaround?

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Shiba Inu has witnessed a decline in price, and the drop in some key metrics is putting in doubt the commencement of a positive trend. 

Shiba Inu stalls 21% slide: What's next for the memecoin?

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  • The SHIB downtrend paused briefly.
  • SHIB has remained in a strong bear trend.

The price of Shiba Inu has been in a free fall for the past few days, but it caught a break in the previous trading session. With this pause in the decline, are there other metrics indicating that it could gain momentum from here?

SHIB’s downtrend takes a pause

An analysis of the Shiba Inu price trend showed that the decline started as far back as the 5th of June, with no significant recovery since then.

The price range tool indicated that from the start of the decline to the present moment, Shiba Inu has lost around 21%.

Shiba Inu price trend

Source: TradingView

The analysis showed that Shiba Inu increased by 2.37% on the 15th of June, trading at around $0.000020. As of this writing, it remains in the same price range despite a slight decline.

Additionally, an analysis of its Relative Strength Index (RSI) showed a slight increase due to the price rise, but it remains in a bear trend. Currently, the RSI is around 35, indicating a strong bear trend.

A drop in Shiba Inu’s address momentum

The brief pause in Shiba Inu’s downtrend has shifted attention to other metrics, such as daily active addresses. An analysis of this metric will help assess the increase or decline in activity on the network.

Shiba Inu active addresses

Source: Santiment

Assessing the daily active addresses on Santiment showed a decline over the last few weeks. The chart indicated that between the 11th and 12th of June, the number of active addresses was between 7,000 and 6,000.

However, subsequent declines reduced the number to around 4,000 and 3,700. As of this writing, the number of daily active addresses is around 2,500.

This indicates that, at the moment, the number of active addresses is too low to trigger any major price movement.

Shiba’s volume drops

The analysis of Shiba Inu’s volume showed a decline in the last few days, mirroring the trend in daily active addresses. The chart indicated that the volume is around $180 million as of this writing.

Shiba Inu volume

Source: Santiment


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In the previous trading session, the volume was over $300 million, and it was over $400 million in the trading session before that.

This indicates that the current volume needs to be increased to impact the price trend, and a more decisive move would be necessary to see any significant impact.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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