{"id":13290,"date":"2024-10-11T18:12:51","date_gmt":"2024-10-11T18:12:51","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13290"},"modified":"2024-10-11T18:12:51","modified_gmt":"2024-10-11T18:12:51","slug":"is-shiba-inu-shib-price-about-to-plummet-4-bearish-signs-to-watch","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13290","title":{"rendered":"Is Shiba Inu (SHIB) Price About to Plummet? 4 Bearish Signs to Watch"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

SHIB is down 13% in two weeks amid negative sentiment on Telegram and declining network activity.
\nHowever, some indicators, like increased exchange outflows, suggest a potential price rebound.<\/p>\n

<\/a><\/span><\/h2>\n

Bears in Control?<\/h2>\n

The popular meme coin<\/span> has been underperforming in the last two weeks, with its price plummeting by 13% (per <\/span>CoinGecko\u2019s<\/span> data).<\/span> Despite recovering some value from yesterday\u2019s local peak, it still remains in the red.
\n<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

SHIB\u2019s shaky condition coincides with four bearish indicators that suggest further pullback <\/span>in the near future<\/span>. The first is the declining Net Network Growth (a momentum signal that \u201cgives a pulse of the true growth\u201d of the token\u2019s underlying blockchain). <\/span>According<\/span><\/a> to IntoTheBlock, it is down 0.19% on a daily scale.<\/span><\/p>\n

Next on the list is the sentiment on Telegram. Data shows that over 45% of the SHIB-related messages on the application are negative, and only 5% are positive. 48% of those discussing the meme coin remain neutral.\u00a0<\/span><\/p>\n

Shiba Inu is among the cryptocurrencies with the <\/span>biggest<\/span> and most devoted communities. As such, sentiment on messaging apps may impact buying and selling decisions, tipping the scales depending on the current mood.\u00a0<\/span><\/p>\n

The third bearish factor is the plunging large transaction volume (where each exceeds $100,000). <\/span>Per<\/span> IntoTheBlock\u2019s data, the figure has reached around $45 million in the past 24 hours, representing a 35% daily decrease.<\/span><\/p>\n

Last but not least, we will touch upon Shiba Inu\u2019s layer-2 scaling solution<\/span> \u2013 <\/span>Shibarium. Some industry participants believe the protocol\u2019s further advancement could fuel<\/span> a <\/span>SHIB rally based on the merits it provides to the entire ecosystem.<\/span><\/p>\n

However, Shibarium has <\/span>stalled<\/span><\/a> its progress lately, with <\/span>the number of<\/span> daily transactions and new contracts going downhill in the past few weeks. For more updates on the ecosystem,\u00a0make sure to\u00a0check out our\u00a0Shibarium news page<\/a>.<\/span><\/p>\n

Something for the Bulls, too<\/span><\/h2>\n

It is worth mentioning that some<\/span> indicators suggest that the meme coin\u2019s price could head north soon.<\/span> One example is <\/span>the SHIB exchange netflow,<\/span><\/a> which has been predominantly negative (outflows surpassing inflows) in the past month.<\/span><\/p>\n

<\/a>SHIB Exchange Netflow, Source: CryptoQuant<\/p>\n

This<\/span> signals a shift from centralized entities toward self-custody methods, <\/span>which reduces the<\/span> immediate selling pressure.<\/span><\/p>\n

In addition, crypto X is full of users who envision good days ahead for the self-proclaimed Dogecoin killer. Yoddha, for instance, recently <\/span>claimed<\/span><\/a> that the price pattern had formed a specific triangular shape, which could be a precursor of a triple-digit rally if broken to the upside.<\/span><\/p>\n

The post Is Shiba Inu (SHIB) Price About to Plummet? 4 Bearish Signs to Watch<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR SHIB is down 13% in two weeks amid negative sentiment on Telegram and declining network activity. However, some indicators, like increased exchange outflows, suggest a potential price rebound. Bears in Control? The popular meme coin has been underperforming in the last two weeks, with its price plummeting by 13% (per CoinGecko\u2019s data). Despite recovering […]<\/p>\n","protected":false},"author":0,"featured_media":13291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13290"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13290"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13291"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}