Shiba Inu (SHIB) Price Analysis: Will the Meme Coin See Increased Demand?

Shiba Inu [SHIB] has traded within a triangle pattern for 75 days. The meme coin promised a strong performance in the coming months

Shiba Inu [SHIB] price analysis for the past week shows a bullish trend. SHIB price rose by 8% and broke out of a crucial triangle pattern last week. However, several on-chain metrics suggested that the meme coin may face some short-term selling pressure.

Shiba Inu price analysis: One week

Shiba Inu price analysis for the past week shows a bullish trend. SHIB price rose by 8% and broke out of a crucial triangle pattern last week. Several technical indicators suggested that the meme coin was poised for further gains in the coming weeks.

However, on-chain metrics painted a different picture, suggesting that SHIB may face some short-term selling pressure. The daily active addresses have been trending down since May and are now at their lowest levels since early February. This indicates that there is less demand for SHIB from new users.

Moreover, the network growth has also declined sharply since the final week of August, indicating that the SHIB network is not expanding as quickly as it was before. This could also limit demand for SHIB and put downward pressure on its price.

Overall, the technical analysis suggests that SHIB is likely to continue rising in the coming weeks. However, on-chain metrics indicate that the meme coin may face some short-term selling pressure due to a lack of new user demand and network growth.

Shiba Inu price analysis: One month

Shiba Inu price analysis for the past month shows a bullish trend. SHIB price rose by 30% and outperformed most other major cryptocurrencies in the top 100 rankings. Several technical indicators suggested that the meme coin was in a strong uptrend and could continue rising in the coming weeks.

However, on-chain metrics suggested that SHIB may be due for a correction. The 30-day MVRV is currently in positive territory, indicating that the average holder is in profit. This usually leads to selling pressure as holders try to cash out their gains.

Moreover, the 30-day realized price also shows a steep uptrend, indicating that the average purchase price is rising rapidly. This could also lead to selling pressure as holders try to sell their SHIB at a higher price than they bought it.

Overall, the technical analysis suggests that SHIB is likely to continue rising in the coming weeks. However, on-chain metrics indicate that the meme coin may be due for a correction due to high realized profits and an average purchase price.

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