Shiba Inu (SHIB) Price Analysis and Forecast 📉📈
Shiba Inu (SHIB) experienced a 2% decline on July 12, accompanied by decreases in vital metrics on the Shibarium network. Despite this setback, technical analysis tools are pointing towards a potential price rebound in the near future. Let’s delve deeper into the recent developments surrounding SHIB and explore what the future might hold for this meme coin.
Indicators Pointing Towards a Downturn 📉
The second-largest meme coin by market capitalization, Shiba Inu, managed to recoup some of its losses from the recent market correction. However, on July 12, SHIB faced another decline, dropping by 2% according to Coingecko’s data.
- Decrease in daily transactions: Transactions on the Shibarium network plummeted to 4,429, marking a 26% decrease from the previous day.
- Decline in total blocks processed: The number of blocks processed in a 24-hour period dropped by 67%.
- Reduction in active accounts: Active accounts on the network dwindled by almost 80%, reaching a mere 136.
Significance of Shibarium Network for SHIB’s Price Movement 🌐
Shibarium, the layer-2 blockchain solution for Shiba Inu, plays a crucial role in enhancing the coin’s competitiveness within the meme coin space. The network aims to reduce transaction costs, improve speed, and boost scalability. Experts believe that the further development of Shibarium is essential for triggering a potential price surge for SHIB.
In March of this year, daily transactions on the protocol were thriving, aligning with a significant increase in Shiba Inu’s valuation, which hit a two-year high. The health and performance of the Shibarium network are closely tied to SHIB’s price dynamics.
Are We on the Verge of a New SHIB Bull Run? 🐕🚀
Despite the recent price dip, several technical analysis indicators are hinting at a potential upcoming rally for Shiba Inu:
- Relative Strength Index (RSI) at a three-month low: The RSI for SHIB stands at 12.8, indicating potential oversold conditions and a possible price rebound.
- Exchange netflow trends: Outflows on SHIB have surpassed inflows in the past week, suggesting a shift towards self-custody methods and reducing selling pressure on centralized platforms.
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