A lack of fundamental metrics like open interest puts Shiba Inu's price at risk of a death cross, but optimism remains in the market.
After a sustained rally over the past week, Shiba Inu price is now at risk of a major bearish reversal in the market.
The bullish sentiment is changing as the combined crypto market is down 1.06% to $3.33 trillion.
$SHIB price has joined other top coins in paring some of its gains, as the $0.000015 support zone is now under threat.
Although SHIB has maintained some long-term growth trends, its key performance metrics show the risk of an immediate selloff.
Shiba Inu Price and Key Metrics Watch Epic Shift
At the time of writing, SHIB price was trading at $0.00001581, down 4.3% in 24 hours. The token fell from a high of $0.00001664 to this price, which is a sign of overcrowding concerns in the market.
With this price outlook, key growth metrics including trading volume and open interest have also declined.
CoinMarketCap data shows trading volume at $439,066,898.69, down 16.39%. Despite 14.68 trillion SHIB committed to the futures market, open interest declined by over 3.4%.
The bearish reversal in Shiba Inu’s price reflects this ongoing trend, as it largely indicates a potential offset in adoption.
In earlier $SHIB cost analysis, there were different complementary performance metrics for relative cost reduction.
As reported at the time, the token was displaying a bull flag pattern with an increasing burn rate.
Is SHIB price in danger of death cross?
The SHIB/USDT 4H chart shows that a death cross could occur for the Shiba Inu price. A possible crossover could signal a reversal of the token's trend, with the moving average cross indicator showing a contrasting cross in the 9-day and 21-day trends.
Despite this outlook for Shiba Inu's price, the Relative Strength Index (RSI) indicator shows a neutral setup, a reversal from the SHIB weekly MACD setup that signaled a buy earlier this week.
The fact that the broader market is facing a similar selling trend, generally puts SHIB on a positive trend.
IntoTheBlock data shows that the token currently maintains a 30-day correlation of 0.87 with Bitcoin.
This means a possible reflection of BTC price trends, a move that has been largely positive since the beginning of the month. With this view, the dog-themed memecoin is experiencing another healthy pullback overall.
Shibirim milestone inspires hope.
One of the most visited $SHIB ecosystem innovation hubs is Shibarium, memecoin's layer-2 scaling solution.
The L2 protocol is on track to surpass the 11,000,000 blockchain milestone as it records an average of 4 million transactions per day.
As Shibarium Total Value Locked (TVL) nears the $3 million mark, the value of the Shiba Inu is poised to benefit from the long-term adoption trend.
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