Shiba Inu is facing significant challenges amid deteriorating market conditions. Technical analysis and data insights indicate a growing negative trend.
Technical Analysis of Shiba Inu
Currently, Shiba Inu is trading around 0.00001123 USDT, under the influence of the 50 EMA, 100 EMA, and 200 EMA. These conditions create the risk of a death cross being confirmed, often preceding sharp sell-offs.
Market Signals and Community Engagement
Data indicates that 67% of token holders are currently underwater, which may lead to panic selling. The large transaction volume over the past week stands at $105.5 million but is trending lower, signifying dwindling interest from whales. Net network growth and overall participation metrics also signal negativity, with four out of six core indicators in the red. Additionally, there has been a 0.39% decline in Telegram member counts over the past week.
Conclusion and Predictions
Overall, Shiba Inu is dangerously close to confirming a death cross, a scenario that typically foreshadows further price declines. Negative network data and diminished community engagement create a high likelihood of continued downside, and investors should prepare for potential volatility if support does not materialize soon.
In light of increasingly negative signals and declining community interest, Shiba Inu faces significant challenges, highlighting the need for continued monitoring of the situation.
