TL;DR One Shibarium indicator has plummeted substantially, suggesting that Shiba Inu’s price may continue 0 the other hand, some analysts expect a major resurgence in the near future , while the RSI nears oversold 1 for a Further Decline? The second-largest meme coin has been in a downtrend for the past month, and the latest correction in the crypto market has only intensified its condition. Currently, it trades at around $0.00001239 (according to CoinGecko’s data), representing a steep decline from the local peak of $0.00003086 reached in December 2024. Moreover, several key factors suggest that Shiba Inu (SHIB) may be poised for an additional 2 number of transactions processed on the layer-2 scaling solution Shibarium fell to almost one million on August 24, or its lowest point since the beginning of 3 showcases reduced activity on the network, which could mean low interest in the entire ecosystem.
Additionally, each transaction on Shibarium involves burning SHIB, which could potentially boost the price if demand remains stable or goes 4 the past 24 hours, the burn rate has risen by a mere 1.2%, resulting in approximately 3.7 million tokens, whose USD valuation is 5 SHIB exchange netflow in the last few days supports the bearish outlook. Recently, inflows have surpassed outflows, indicating that investors are shifting from self-custody to centralized platforms, which in turn increases immediate selling 6 Exchange Netflow,). SHIB’s Relative Strength Index (RSI) also suggests an incoming 7 technical analysis tool measures the speed and magnitude of the latest price changes to help traders spot possible reversal 8 around and below 30 usually indicate that the asset is in an oversold zone and could be due for a resurgence, while anything above 70 is considered bearish 9 RSI has been gradually declining in the past few days and is heading toward the bullish 10 RSI,) Metric Drops to a Multi-Month Low: More Pain Ahead?
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