📉 Shiba Inu Faces Increased Selling Pressure as Network Activity Declines: What’s Next for SHIB’s Price?
🔻 Shiba Inu has dropped two spots from the top 10 cryptocurrencies amid a market downturn, with Bitcoin nearing $63,000. This has intensified selling pressure on SHIB, alongside negative on-chain indicators.
📉 SHIB’s Network Activity Declines:
- SHIB saw a significant price decline in the last 24 hours, with total liquidations exceeding $360K and reduced trading volume and open interest.
- Active addresses fell from 4.6K to 3.2K, and new addresses dropped from 1.33K to 1.14K, signaling reduced user activity and demand.
🔥 Shibburn data shows a 260% increase in burn rate, removing 29,956,875 SHIB tokens from circulation, potentially impacting token scarcity and prices.
📉 What’s Next For SHIB Price?
- SHIB currently trades at $0.00001787, down 1.6% in the last 24 hours.
- The 20-day EMA trend is downward at $0.0000178, with RSI below the midline, suggesting potential for further decline.
- A drop below $0.000017 could see SHIB/USDT fall to $0.000014, unless bulls push above the 20-day EMA to reject lower prices and potentially rally towards $0.000026.
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