{"id":527779,"date":"2023-04-20T13:42:56","date_gmt":"2023-04-20T13:42:56","guid":{"rendered":"https:\/\/wncen.com\/?p=527779"},"modified":"2023-04-20T13:42:58","modified_gmt":"2023-04-20T13:42:58","slug":"shiba-inue-price-falters","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inue-price-falters\/","title":{"rendered":"Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook?"},"content":{"rendered":"

Shiba Inu (SHIB) investors have been hit hard by the recent industry-wide crypto correction, with the token’s price momentum turning bearish. As the value of many cryptocurrencies took a dive, Shiba Inu followed suit, causing many to wonder what the next few weeks hold for this meme coin.<\/span><\/p>\n

Despite the negative trend, some traders remain hopeful that the demand zone could provide support and turn the tide.<\/span><\/p>\n

Related Reading: OKB Tallies 24% Increase But Active Addresses Fail To Keep Pace \u2013 Here\u2019s Why<\/a><\/div>\n

On-Chain Data Signals Possible Downswing<\/strong><\/h2>\n

Amid the broader correction in the crypto market, Shiba Inu’s price has also taken a hit. According to CoinMarketCap, SHIB’s value is currently sitting at $0.00001091, with a 24-hour decrease of 0.62% and a 7-day decrease of 1.67%.<\/span><\/p>\n

The Shiba Inu ecosystem may face further downside as on-chain data reveals that SHIB holders are preparing to sell in the coming days. Data shows a significant<\/span> decrease of 41% in Shiba Inu Network Growth<\/span><\/a> since March 1, with new wallet addresses falling from 2,473 to 1,473 as of April 20.\u00a0<\/span><\/p>\n

This reduction in network growth could indicate a loss of market share to other meme coins, and if the trend persists, SHIB’s price may struggle to find new buyers, leading to a potential price decline.<\/span><\/p>\n

Potential Price Movements For SHIB<\/strong><\/h2>\n

Based on data from <\/span>IntoTheBlock’s Break-Even price distribution<\/span><\/a>, Shiba Inu’s current support at $0.000011 is likely to be lost. However, the 38,000 addresses that bought 77 trillion SHIB coins in that zone may put up a strong resistance to the impending downward trend.<\/span><\/p>\n

If the bearish scenario materializes, the price of SHIB is expected to drop to $0.000009, where the 343,000 addresses holding 150 trillion SHIB may help to prevent further decline. <\/span><\/p>\n

On the other hand, if SHIB manages to overcome the bearish trend and break the $0.000012 resistance zone, it could continue its rally toward $0.000017.\u00a0<\/span>However, the 38,000 addresses holding 77 trillion tokens are likely to hinder the bullish momentum.<\/span><\/p>\n

Shiba Inu: More Bearish Signals\u00a0<\/strong><\/h3>\n

On-chain data suggests that the cryptocurrency may be headed for a bearish trend. The 30-day Market Value to Realized Value (MVRV) ratio, which measures holders’ short-term profit or loss, is nearing a potential sell-zone as most holders currently sit on 6.87% profits. This puts the MVRV ratio in a high-risk territory that could signal a potential price drop.<\/span><\/p>\n

<\/p>\n

SHIB market cap at $6.4 billion on the daily chart at TradingView.com<\/a><\/pre>\n
Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses \u2013 Will Investors Hold Firm?<\/a><\/div>\n
Adding to the bearish sentiment is the slowdown in new-user acquisition rate on the Shiba Inu Network, which raises concerns about the cryptocurrency’s market share in comparison to other meme coins.<\/span><\/p>\n
SHIB’s short-term outlook appears to be bearish, with potential downside risks looming in the near future. Investors should closely monitor the MVRV ratio and new-user acquisition rate for any further signs of a price drop.<\/span><\/p>\n
-Featured image from iHeartDogs<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Shiba Inu (SHIB) investors have been hit hard by the recent industry-wide crypto correction, with the token’s price momentum turning bearish. As the value of many cryptocurrencies took a dive, Shiba Inu followed suit, causing many to wonder what the next few weeks hold for this meme coin. Despite the negative trend, some traders remain hopeful that the demand zone could provide support and turn the tide. Related Reading: OKB Tallies 24% Increase But Active Addresses Fail To Keep Pace \u2013 Here\u2019s Why On-Chain Data Signals Possible Downswing Amid the broader correction in the crypto market, Shiba Inu’s price has also taken a hit. According to CoinMarketCap, SHIB’s value is currently sitting at $0.00001091, with a 24-hour decrease of 0.62% and a 7-day decrease of 1.67%. The Shiba Inu ecosystem may face further downside as on-chain data reveals that SHIB holders are preparing to sell in the coming days. Data shows a significant decrease of 41% in Shiba Inu Network Growth since March 1, with new wallet addresses falling from 2,473 to 1,473 as of April 20.\u00a0 This reduction in network growth could indicate a loss of market share to other meme coins, and if the trend persists, SHIB’s price may struggle to find new buyers, leading to a potential price decline. Potential Price Movements For SHIB Based on data from IntoTheBlock’s Break-Even price distribution, Shiba Inu’s current support at $0.000011 is likely to be lost. However, the 38,000 addresses that bought 77 trillion SHIB coins in that zone may put up a strong resistance to the impending downward trend. If the bearish scenario materializes, the price of SHIB is expected to drop to $0.000009, where the 343,000 addresses holding 150 trillion SHIB may help to prevent further decline. On the other hand, if SHIB manages to overcome the bearish trend and break the $0.000012 resistance zone, it could continue its rally toward $0.000017.\u00a0However, the 38,000 addresses holding 77 trillion tokens are likely to hinder the bullish momentum. Shiba Inu: More Bearish Signals\u00a0 On-chain data suggests that the cryptocurrency may be headed for a bearish trend. The 30-day Market Value to Realized Value (MVRV) ratio, which measures holders’ short-term profit or loss, is nearing a potential sell-zone as most holders currently sit on 6.87% profits. This puts the MVRV ratio in a high-risk territory that could signal a potential price drop. SHIB market cap at $6.4 billion on the daily chart at TradingView.com Related Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses \u2013 Will Investors Hold Firm? Adding to the bearish sentiment is the slowdown in new-user acquisition rate on the Shiba Inu Network, which raises concerns about the cryptocurrency’s market share in comparison to other meme coins. SHIB’s short-term outlook appears to be bearish, with potential downside risks looming in the near future. Investors should closely monitor the MVRV ratio and new-user acquisition rate for any further signs of a price drop. -Featured image from iHeartDogs<\/p>\n","protected":false},"author":557,"featured_media":527788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83767,4735,84473,83667],"class_list":["post-527779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-meme-coins","tag-price-action","tag-shib-price","tag-shiba-inu"],"acf":[],"yoast_head":"\nShiba Inu (SHIB) Price Momentum Screeches To A Halt<\/title>\n<meta name=\"description\" content=\"Shiba Inu (SHIB) investors have been hit hard by the recent industry-wide crypto correction, with the token's price momentum turning bearish. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook?","url":"http:\/\/wncen.com\/news\/shiba-inue-price-falters\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/shiba-inue-price-falters\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-58.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-58.png?fit=914%2C517"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["meme coins","price action","shib price","shiba inu"],"dateCreated":"2023-04-20T13:42:56Z","datePublished":"2023-04-20T13:42:56Z","dateModified":"2023-04-20T13:42:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inue-price-falters\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/shiba-inue-price-falters\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-58.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-58.png?fit=914%2C517\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"meme coins\",\"price action\",\"shib price\",\"shiba inu\"],\"dateCreated\":\"2023-04-20T13:42:56Z\",\"datePublished\":\"2023-04-20T13:42:56Z\",\"dateModified\":\"2023-04-20T13:42:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-58.png?fit=914%2C517","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527779"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=527779"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/527779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/527788"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=527779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=527779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=527779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}