Over the past two weeks, Shiba Inu (SHIB) has been witnessing a continuous downtrend and has not shown any clear signs of recovery. The price of this memecoin has evaporated by 21%, primarily due to the decline in investor interest.
A sharp decrease in new addresses
The number of new wallets interacting with Shiba Inu has significantly decreased – from 2,059 to just 1,171 in just two weeks, equivalent to a 44% drop, indicating that market sentiment towards SHIB is clearly weakening.
The decline in the number of new addresses indicates that Shiba Inu is losing its appeal, making it difficult for this altcoin to regain momentum. Without interest, the token may struggle to attract the necessary demand to counter the ongoing downtrend.
The general market sentiment seems to be affecting SHIB as well. The Relative Strength Index (RSI) is currently in the bearish zone, below the neutral threshold of 50.0.
This indicates that the downtrend may continue, and negative sentiment is prevailing. Without positive changes across the market, SHIB's recovery outlook in the short term is quite fragile.
The risk of further decline
SHIB has lost 21% of its value over the past two weeks, with the price currently trading around $0.00001234 and still constrained below the downtrend line. If it cannot surpass the important resistance level, this memecoin may continue to adjust deeper.
If it can maintain the support level at $0.00001182, the price may consolidate in the range of $0.00001182 to $0.00001252. However, if the downtrend continues, SHIB may slide below $0.00001141, extending the streak of dismal days.
If market sentiment changes and SHIB can surpass the support level of $0.00001252, it may trigger a slight recovery, with the next target being the $0.00001333 area. However, this recovery heavily depends on external market factors and investor sentiment.