- The Shiba Inu (SHIB) price saw a temporary pause in its prolonged downtrend recently.
- Since the 5th of June, SHIB has been under persistent bearish pressure.
- This break brought some attention to various metrics, suggesting possible indicators of a future turnaround.
Analyzing Shiba Inu’s current price trends and metrics, this article provides insights into whether SHIB’s recent pause in decline might signal a potential recovery.
SHIB’s downtrend hits a temporary halt
Recently, the persistent decline in Shiba Inu’s price, starting on the 5th of June, showed a brief respite. Over the course of this downturn, SHIB has depreciated by approximately 21%, according to a price range analysis.
During the latest trading session, SHIB registered a modest gain of 2.37%, trading around the $0.000020 mark. Although it remains within this range, its Relative Strength Index (RSI) saw a slight uptick but still indicates a strong bearish trend at around 35.
Examining address momentum in Shiba Inu’s network
The pause in price decline drew focus to other significant metrics, particularly daily active addresses, to evaluate network activity. Data from Santiment revealed a downward trend in daily active addresses over recent weeks. Between June 11th and 12th, addresses hovered between 7,000 and 6,000 but have since dropped to approximately 2,500. This decline suggests insufficient active addresses to drive a significant price change.
Volume Analysis Reveals More Insights
Shiba Inu’s trading volume has also been on a downward trajectory, corresponding with the drop in daily active addresses. As of the latest data, trading volume stands at roughly $180 million, down from over $300 million in the previous session and over $400 million in the session before that. This sustained decrease in volume underscores the need for a substantial uptick to influence price movement meaningfully.
Conclusion
While SHIB has experienced a momentary pause in its downtrend, the analysis of ancillary metrics such as daily active addresses and trading volume paints a picture of persistent bearish sentiment. The current metrics signal that without significant upticks in both network activity and trading volume, a sustained price recovery for Shiba Inu remains unlikely. Investors should closely monitor these indicators to better gauge future price movements.
