Shiba Inu Active Addresses Declined By 18% In A Week: Is SHIB Price Set For A Bearish Turn?
The post Shiba Inu Active Addresses Declined By 18% In A Week: Is SHIB Price Set For A Bearish Turn? appeared on BitcoinEthereumNews.com.
As November commenced, there was a notable surge in Bitcoin and altcoins, as their value approached the resistance peaks observed in October. However, popular memecoins such as Shiba Inu and Dogecoin struggled to attract buyers at these higher resistance marks, resulting in a slight pullback. Currently, the on-chain data for Shiba Inu presents a bearish outlook with a constant decrease in active wallet addresses, signaling a downward concern. Shiba Inu Loses Traders’ Confidence The price of SHIB is struggling to maintain its October’s gain amid growing bearish pressure at resistance points. This is leading to a marked decrease in the initiation of new futures contracts as ongoing volatility declines. According to recent figures from Coinglass, there’s been a significant decrease in Open Interest (OI) over the past several days. The OI metric has fallen from a peak of $14.8 million to its present figure of $13.1 million, indicating a low trading sentiment for the memecoin. A decrease in Open Interest alongside a downtrend in price suggests reduced volatility, which typically deters traders from initiating new positions. This leads to a growing inclination to sell and shift attention to other trending projects. Such a trend could potentially lead to a situation where the price of SHIB falls through its support levels. Furthermore, insights from IntoTheBlock indicate increasing worries within the SHIB community. There’s been a noticeable downward trajectory in the number of active addresses, which have dropped from 4,700 to 3,700, representing an 18% reduction. This downturn may be due to the limited utility and SHIB’s inability to meet its bullish goals, potentially leading to a declined influx of capital in the SHIB marketplace. What’s Next For SHIB Price? Shiba Inu price experienced a surge past $0.000008 recently, and there were efforts to extend these gains. However, the sellers had different…
Filed under: News - @ November 4, 2023 5:22 am