{"id":389392,"date":"2024-05-04T10:30:49","date_gmt":"2024-05-04T05:00:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=389392"},"modified":"2024-05-03T15:34:53","modified_gmt":"2024-05-03T10:04:53","slug":"decoding-shiba-inus-descending-triangle-is-an-18-price-drop-coming-next","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/decoding-shiba-inus-descending-triangle-is-an-18-price-drop-coming-next\/","title":{"rendered":"Decoding Shiba Inu&#8217;s descending triangle &#8211; Is an 18% price drop coming next?"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">SHIB\u2019s next price point may be under $0.00002<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">However, if bullish momentum climbs, the memecoin may exchange hands above $0.00003<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An assessment of <a href=\"http:\/\/ambcrypto.com\/category\/shiba-inu-news\/\" target=\"_blank\" rel=\"noopener\">Shiba Inu&#8217;s [SHIB]<\/a> price movements on the 3-day chart has revealed the formation of a descending triangle.\u00a0<\/span><span style=\"font-weight: 400;\">A descending triangle is formed when an asset\u2019s price is bound between the support and resistance lines, forming a triangular shape on the chart.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An asset\u2019s price can either break below support and continue its decline or break out of the triangle and initiate an uptrend.<\/span><\/p>\n<h4><b>What next for SHIB?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s readings of SHIB\u2019s Fibonacci retracement revealed that if the bears put further downward pressure on its price and it breaks below support, the memecoin\u2019s price might decline further by 18% to trade at a low of $0.000018.<\/span><\/p>\n<figure id=\"attachment_389394\" aria-describedby=\"caption-attachment-389394\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05.png\"><img decoding=\"async\" class=\"wp-image-389394 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05.png\" alt=\"SHIB 1-Day Chart\" width=\"2560\" height=\"1240\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-300x145.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-1024x496.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-768x372.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-1536x744.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-2048x992.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBUSDT_2024-05-03_09-54-05-1200x581.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-389394\" class=\"wp-caption-text\">Source: Trading View<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This decline appears possible as the coin continues to register a fall in demand. According to <\/span><a href=\"https:\/\/app.santiment.net\/charts\/vfKcLLA2__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Santiment\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> data, SHIB\u2019s daily active addresses observed on a 30-day moving average revealed a 56% decline in the daily count of addresses involved in SHIB\u2019s transactions over the past month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, new demand for the memecoin has plunged. In fact, according to the on-chain data provider, the number of new addresses created to trade SHIB daily has dropped by 51% over the same period.\u00a0<\/span><\/p>\n<figure id=\"attachment_389397\" aria-describedby=\"caption-attachment-389397\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024.png\"><img decoding=\"async\" class=\"wp-image-389397 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024.png\" alt=\"Shiba Inu Network Activity\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.56.11-03-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-389397\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A decline in the number of active addresses trading an asset is often a precursor to low trading volume. When this decline is persistent, the downward pressure on the asset\u2019s price mounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The predicted fall below $0.0002 is possible if SHIB continues to record a decline in its demand.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/shiba-inu-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Shiba Inu (SHIB) Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Furthermore, SHIB\u2019s high Market Value to Realized Value (MVRV) ratio puts it at risk of increased selling pressure. This metric measures the ratio between an asset\u2019s current market price and the average price of every coin or token acquired for that asset.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, SHIB\u2019s MVRV ratio was 38.28% and heading north. When an asset\u2019s MVRV ratio is positive in this manner, the asset is deemed to be overvalued. This means that a significant number of asset holders are &#8220;in the money,&#8221; triggering the need to sell and lock in profits.<\/span><\/p>\n<figure id=\"attachment_389398\" aria-describedby=\"caption-attachment-389398\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024.png\"><img decoding=\"async\" class=\"wp-image-389398 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024.png\" alt=\"Shiba Inu MVRV Ratio\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SHIBA-INU-SHIB-09.57.16-03-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-389398\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, despite the decline in SHIB\u2019s value, bullish sentiment among market participants has been re-emerging lately. The coin\u2019s weighted sentiment, for instance, was positive at press time and has been so since 30 April.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this bullish sentiment persists, SHIB\u2019s price might break out of its current pattern in an uptrend to trade at $0.00003 on the charts.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The demand for SHIB has declined over the past month, hinting at a possible decline below $0.00002.<\/p>\n","protected":false},"author":64,"featured_media":389401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[5824,66,3,6388,4,20],"tags":[6427],"class_list":["post-389392","post","type-post","status-publish","format-standard","has-post-thumbnail","category-memecoins","category-new-news","category-news","category-shiba-inu-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Decoding Shiba Inu&#039;s descending triangle - Is an 18% price drop coming next? 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