Shiba Inu Price Pressured as Shibarium Adoption Slows
The Shiba Inu price has fallen 1.47% in 24 hours, seeming to have reached a price wall as its impetus fades. Along with this, the meme coin's ecology, Shibarium, has become less useful, indicating a gloomy prognosis.
This slippage is a step back from last week's growth. Even though Shiba Inu has gained 7.91%, its pace has slowed.
Trader activity is down 4.93% today to $197.4 million, posing the issue of whether this is a small setback or a turnaround.
Shibarium Adoption Stalls: Shiba Inu Price Decline?
Shibariumscan data reveals a drop in new accounts and a stagnation in chain transactions from September 19.
Following a Fed-rate cut-fueled Shibarium adoption surge, enthusiasm seems to have faded.
Further examination of the Shiba Inu price chart reveals that this may be a small setback in a bullish narrative.
Most importantly, today's price action confirmed the creation of a bullish falling wedge pattern since March, marked by lower highs and lower lows as the market consolidates near a breakout point.
SHIB/USDT 1D collapsing wedge. Source: Binance.
SHIB/USDT 1D collapsing wedge. Source: Binance.
As it neared the pattern's upper resistance, the Shiba Inu was denied and currently fights to retain support at $0.000016. If Shib closes below this daily, it might fall below $0.0000145.
SHIB lacks the impetus to confirm a break, but this may be a beneficial cooldown before the Shiba Inu price breaks the pattern again.
After peaking in overbought territory, the Relative Strength Index (RSI) fell to 60. SHIB remains bullish above the neutral line.
Chaikin Money Flow (CMF) also displays +0.21, confirming this opinion.
As the MACD line remains above the Signal line, bulls seem in control, making a near-term breakout likely.
This might put SHIB up for a push to $0.00002750 in the coming weeks by establishing a new objective at $0.00001930.
