Summary
TLDR: The price of Shiba Inu (SHIB) has declined, with the average transaction size dropping by 50% in the last two weeks, indicating a change in investor sentiment. Technical indicators suggest upcoming corrections, with the RSI still in the overbought stage and EMA lines indicating a potential bearish momentum. The price is currently at $0.000026, just above the $0.000023 support, with potential for further decline or reaching resistance at $0.000034. Monitor market trends and indicators for potential price movements.
Key Points
1. The average transaction size for Shiba Inu (SHIB) has dropped by 50% in the last two weeks, indicating a possible shift in investor sentiment towards the cryptocurrency. This decline suggests a slowdown in buying activity, potentially signaling a broader market reassessment.
2. Technical indicators for SHIB, such as an overbought RSI and bearish EMAs, point towards upcoming corrections in its price movement. These indicators raise concerns about SHIB’s ability to sustain its recent bullish momentum and hint at a challenging period ahead for the cryptocurrency.
3. The Relative Strength Index (RSI) for SHIB remains at a high level of 81, signaling potential overvaluation and bearish momentum. This suggests that SHIB may experience a price correction as the market adjusts to the excessive buying pressure. The proximity of the short-term and long-term EMA lines indicates uncertainty in SHIB’s price movement, with a potential bearish trend looming if the EMA lines crossover.
Please note that these points are based on analysis and should not be considered as financial advice.