shiba Inu Price Faces Decline Amidst Ecosystem Stall
Over the past day, the shiba Inu price has experienced a slight dip of 1.47%, signaling a possible halt in its recent upward trend. Correspondingly, the meme coin's ecosystem, Shibarium, has shown a decrease in utility, painting a bearish picture for the asset.
Despite maintaining a 7.91% gain, shiba Inu's momentum seems to be stalling. Traders have also scaled back their activity by 4.93% today to $197.4 million, sparking concerns about whether this setback is temporary or indicative of a larger reversal.
shiba-inu-price-decline-coming">Shibarium Adoption Stalls: shiba Inu Price Decline Coming?
Recent data from Shibariumscan reveals a decline in new accounts and stagnant transaction numbers since September 19th. After a surge in Shibarium adoption fueled by a Fed-rate cut, this momentum appears to have waned.
However, a closer analysis of the shiba Inu price chart implies that this could just be a minor setback amidst a broader bullish narrative.
Today's price action confirms the formation of a bullish falling wedge pattern since March, characterized by lower highs and lows consolidating towards a breakout point.
binance." class="wp-image-286917" >As shiba Inu tests the upper resistance of the pattern, it faces a struggle to maintain support at $0.000016. A close below this level could push the price down to lower support at $0.0000145.
Despite the lack of immediate momentum for a clear breakout, this could be a healthy consolidation period before a potential push for a breakout.
The Relative Strength Index (RSI) has retreated to 60 after briefly entering overbought territory, suggesting a bullish sentiment still prevails, with SHIB above the neutral line. The Chaikin Money Flow (CMF) also supports this view, maintaining a positive position at +0.21, indicating potential for a near-term breakout.
A breakout could lead shiba Inu towards a new target of $0.00001930, opening up the possibility of a further surge to $0.00002750 in the coming weeks.
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