Cryptic Outlook: Shiba Inu price analysis
Shiba Inu’s price is showing signs of weakness, despite breaking out of a downtrend. The lack of investor support could result in a potential dip in the meme coin’s rally.
Shiba Inu investors remain doubtful 🤔
- Investors have been disappointed with Shiba Inu’s performance, leading SHIB holders to distance themselves from the network.
- Transaction volume has seen a significant decline from $169 million in April to $38 million in May, a 77% drop.
- The decrease in activity can be attributed to the fading popularity of meme coins like Shiba Inu, with other tokens gaining prominence.
The adoption rate dwindles 📉
- Optimism among investors and potential newcomers is low, reflected in the adoption rate hitting an eight-month low.
- Only 29% of all active addresses are new investors, indicating a lack of interest in joining the Shiba Inu network.
SHIB price prediction: Brace for a potential downturn 📉
- Shiba Inu is currently trading at $0.00002393 after breaking out of its downtrend, with a consolidation range between $0.00002584 and $0.00002267.
- Based on the observed metrics, there’s a possibility of a drop below $0.00002267, leading SHIB towards $0.00002093 or even lower.
- The Ichimoku Cloud indicator also points to a bearish trend, suggesting a potential price decline.
Upside potential amidst uncertainty 🚀
- If Shiba Inu can maintain its breakout, it could surpass the $0.00002584 resistance level and aim for $0.00002835.
- Breaking above this resistance and turning it into support could invalidate the bearish scenario, leading to further upside for the meme coin.
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