The Shiba Inu coin (SHIB) has experienced a sideways movement in price in recent weeks, and technical indicators suggest further downside potential. The formation of a death cross pattern, where the 200-day and 50-day moving averages intersect, indicates that bears are in control. Additionally, the coin has formed a head and shoulders pattern, which typically leads to a bearish breakdown. Furthermore, the price of SHIB has dropped below key support levels and shows weak demand in both the futures and spot markets. The burn rate of SHIB tokens has also decreased significantly, reducing the number of coins in circulation. The Shibarium layer-2 network is also struggling, with a low total value locked and a limited number of addresses. Overall, the combination of weak technical indicators and fundamentals suggests that the SHIB price is at risk of further decline in the coming weeks.



Other News from Today