🚨Shiba Inu Active Addresses Decreased 18% in a Week: Is $SHIB Price Ready for a Bearish Turn?📉
As November began, there was a notable rise in Bitcoin and altcoins, as their value approached the resistance peaks seen in October.
However, popular memecoins like Shiba Inu and Dogecoin struggled to attract buyers at these higher resistance marks, resulting in a slight pullback. Currently, Shiba Inu on-chain data presents a bearish outlook with a steady decline in active wallet addresses, indicating bearish concern.
Shiba Inu Loses Trader Confidence SHIB price is struggling to maintain its October gain amid growing bearish pressure at resistance points. This is causing a marked decline in the initiation of new futures contracts as current volatility decreases.
According to recent figures from Coinglass, there has been a significant decrease in open interest (OI) in recent days. The OI metric has fallen from a high of $14.8 million to its current figure of $13.1 million, indicating low trading sentiment for the memecoin.
🚀What's next for SHIB price? 🚀
The Shiba Inu price saw an increase of over $0.000008 recently and efforts were made to extend these gains. However, the sellers had other intentions, preventing the rally from continuing to rise and aiming to keep the price below the EMA20 trend line. At the time of writing, SHIB price is trading at $0.0000078, a drop of more than 0.69% from yesterday's rate.
