Shiba Inu (SHIB) continues to face challenges in the market, showing significant declines over the past month. The token's current price is under pressure, with potential for further declines.
Current SHIB Metrics
SHIB has dropped over 24% in the last month, with the current price at $0.0000113 as of June 21. The token is trying to maintain a support level, although technical indicators suggest a potential 50% drop to $0.0000054.
Lack of Bullish Momentum
On the weekly chart, SHIB is forming a descending triangle, indicating increasing sell pressure. The 50-day Simple Moving Average at $0.0000169 further emphasizes the lack of bullish momentum. The Relative Strength Index (RSI) is at 39, indicating seller dominance.
Declining Activity in Shibarium
Despite a 7,200% increase in burn rate, SHIB's price has shown no positive movement. The total value locked in Shibarium has dropped by 40% from $3.14 million to $1.89 million, indicating reduced network activity.
Overall, Shiba Inu is under pressure due to negative market trends and a lack of confidence from investors. The current situation requires careful monitoring of support levels.
