Shiba Inu (SHIB) Price Prediction 2023: Will SHIB Recover After the Launch of Shibarium?
- Barbara StreisandOriginal
- 2024-10-01 15:52:13342browse
Following its recent approach to the $0.0002167 resistance, the popular meme coin Shiba Inu has exhibited massive downward pressure
Shiba Inu (SHIB) price continues to face immense selling pressure, as evident in its 3-day bearish streak. At press time, the token trades at $0.00001782, reflecting a 7.87% dip in the last 24 hours and an over 18% slump from the $0.00002167 barrier.
This adverse price action coincides with the halting growth of the layer-2 scaling solution, Shibarium. Upon its debut, Shibarium was widely anticipated to catalyze SHIB’s price revival. However, recent data paints a concerning picture.
Since September 27, key metrics such as daily transactions, new accounts, and new contracts on the Shibarium network have seen a drastic decline. This slowdown in network activity contributes to the bearish sentiment surrounding the token.
Moreover, the token’s failure to breach the $0.0002167 barrier has left it vulnerable to further declines, and as of now, it is eyeing the $0.0000161 price level as the next potential support zone.
Another critical signal pertaining to Shiba Inu’s recent price decline is the marked drop in large transaction volumes, specifically those exceeding $100,000. According to data from IntoTheBlock, the volume of such high-value transactions has plunged by over 50% in the last 24 hours. The total value of these large trades now stands below $40 million, a stark contrast to the more active trading environment observed during Shiba Inu’s upward runs.
Technical Indicators Signal a Strengthening Bearish Momentum
Shiba Inu’s technical indicators on the daily time frame further support the token’s bearish price action. The Relative Strength Index (RSI) is positioned at 61.52 a bearish signal. Moreover, the RSI is seen to be positioned below the signal line (70) and trending downwards, indicating a strong bearish presence in the market. From its current position, there is significant room for further downtrend before reaching the neutral 50 area.
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