CandleFocus

Shiba Inu (SHIB) Activity Plummets by 30%: What's Happening?

Author: Content Editor
The recent decrease in network activity on Shiba Inu (SHIB) has led to concerns among investors, as this could negatively impact the token's price trajectory. SHIB has experienced a recovery after hitting a critical support level, but as it approaches resistance levels, the current trading range suggests that the recovery may be weakening. The decline in network activity indicates a lack of interest or involvement in the project, which is often associated with price stagnation or decline. However, there is some optimism as there has been a small increase in volume and recovery from a key moving average, indicating a potential return of speculative interest. If SHIB can break above its resistance levels, it may regain bullish momentum. However, if it fails to maintain its position above a certain level, a retest of lower levels may be likely. Overall, the decline in network activity is a warning sign, and stronger buying volume and increased on-chain activity are needed to sustain a rally. Until then, the future of SHIB remains uncertain, with possible outcomes of further consolidation or decline.

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