,The price of Shiba Inu (SHIB), the self-proclaimed “Dogecoin killer,” has been caught in a technical tug-of-war, with bears attempting to push it lower and bulls clinging to signs of hope. Analysts are scrutinizing the memecoin’s chart pattern and on-chain data to decipher its next move.
Descending Triangle Looms: Will SHIB Fall Or Fly?
A descending triangle formation has emerged on SHIB’s 3-day chart. This pattern typically indicates a potential price decline, as the asset’s price gets squeezed between converging support and resistance lines. The big question for SHIB holders: will the price break below support and continue its descent, or will it defy gravity and break out of the triangle, sparking an uptrend?
Falling Demand Raises Concerns For Shiba Inu
Adding fuel to the bearish fire, SHIB has witnessed a significant drop in demand. Data from Santiment reveals a worrying trend: the daily active addresses for SHIB have plummeted by more than 50% over the past month. This suggests a shrinking user base and potentially lower trading volume, which can put downward pressure on the price.
New Investors Give SHIB The Cold Shoulder
Further dampening spirits is the sharp decline in new addresses joining the SHIB party. According to on-chain data, the number of new addresses created daily to trade SHIB has nosedived by 51% in the same period. This lack of fresh blood entering the market could exacerbate the selling pressure.
SHIB’s High Valuation: A Recipe For Sell-Off?
Another factor causing concern is SHIB’s Market Value to Realized Value (MVRV) ratio. This metric compares the current market price with the average acquisition price of all SHIB tokens. Currently, SHIB’s MVRV ratio sits at a lofty 38%. When this ratio is high, it suggests the asset might be overvalued, potentially triggering existing holders to cash in on their profits and contribute to a sell-off.
A Silver Lining?
Despite the prevailing bearish sentiment, a glimmer of hope flickers for SHIB. The coin’s weighted sentiment has surprisingly turned positive recently, indicating a shift in market perception. This newfound optimism could translate into a price breakout, defying the descending triangle’s bearish implications.
Related Reading: Bitcoin Update: $120 Million Futures Liquidated As Price Takes A Beating
Can Bullish Sentiment Propel SHIB To Higher Ground?
If the positive sentiment persists, analysts predict a potential price surge for SHIB, reaching $0.00003. This would be a welcome change for investors who have witnessed a recent price slump.
Meanwhile, SHIB’s Fibonacci retracement level shows that the memecoin’s price may drop further 15% to trade at a low of $0.000018 if the bears continue to put pressure on it and it falls below support.
SHIB investors now have more cause for concern as this underscores the possible repercussions of a bearish breakthrough.
Featured image from Pexels, chart from TradingView

自稱為「狗狗幣殺手」的柴犬（SHIB）的價格陷入了一場技術拉鋸戰，空頭試圖壓低價格，而多頭則緊緊抓住希望的跡象。分析師正在仔細研究 memecoin 的圖表模式和鏈上數據，以解讀其下一步走勢。這種模式通常表示潛在的價格下跌，因為資產的價格在支撐線和阻力線匯聚之間受到擠壓。 SHIB 持有者面臨的一個大問題是：價格會跌破支撐位並繼續下跌，還是會克服重力並突破三角形，引發上漲趨勢？大幅下降。 Santiment的數據揭示了一個令人擔憂的趨勢：SHIB的每日活躍地址在過去一個月裡暴跌了50%以上。這表明用戶群正在萎縮，交易量可能會下降，這可能會給價格帶來下行壓力。根據鏈上數據，同期每天創建的用於交易 SHIB 的新地址數量急劇下降 51%。缺乏新血進入市場可能會加劇拋售壓力。 SHIB的高估值：拋售的根源？該指標將當前市場價格與所有 SHIB 代幣的平均收購價格進行比較。目前，SHIB的MVRV比率高達38%。當這一比率很高時，表明該資產可能被高估，可能會引發現有持有者套現利潤並導致拋售。最近，該代幣的加權情緒令人驚訝地轉為積極，表明市場看法發生了轉變。這種新發現的樂觀情緒可能轉化為價格突破，無視下降三角形的看跌影響。對於目睹近期價格暴跌的投資者來說，這將是一個可喜的變化。至0.000018 美元的低點交易。