The recent decline in Shiba Inu's network activity has become a source of concern for traders and investors, marked by a drop of 9 trillion SHIB.
Current State of the SHIB Market
Currently, SHIB is trading within a wide symmetrical triangle pattern, with its price hovering around $0.0000123. This chart structure suggests a narrowing trading range as traders await a clear move. The nine trillion decline in SHIB activity indicates reduced interest from both retail investors and whales.
Challenges with Price Growth
SHIB has struggled to consistently break above its significant moving averages, with the 100-day EMA remaining a resistance level. A move below the triangle's lower boundary could signal a potential decline to the $0.0000110 zone. The RSI indicator is at 45, indicating a neutral market state.
Prospects and Key Levels
If SHIB fails to restore whale activity or advance with ecosystem developments, the current losses may lead to sustained vulnerability. Key levels to watch in the short term are the $0.0000120 support and the $0.0000135 resistance.
The decline in Shiba Inu's network activity raises concerns among investors and traders. The token's future will depend on the recovery of interest and market activity.
