SHIB Price Prediction: Bearish On-Chain Data Warns
key Insights:
- Shib price prediction for the coming days appears to be bearish as on-chain metrics hints potential downside move.
- At press time, traders betting on the short side skyrocketed than the long side as revealed by Bid-Ask Volume which is negative.
- The daily chart reveals that SHIB is at a make-or-break situation, a price decline of 5% could tank meme coin significantly.
Shiba Inu (SHIB) appears bearish and is poised for a 10% price decline, as both price action and on-chain metrics flash weak signals. This downside speculation comes after a 4.5% price drop in Bitcoin (BTC), which has shifted overall market sentiment.
Current Price Momentum
Amid the ongoing market uncertainty, SHIB has been hit hard, recording a 6.5% price decline over the past 24 hours. At press time, the meme coin was trading near the $0.00001431 level. With the notable price drop and bearish market sentiment, participation from traders and investors has plummeted. According to recent data, SHIB’s 24-hour trading volume has dropped by 65%, indicating weakness in the meme coin.
Bearish On-Chain Metrics
This bearish momentum in the meme coin has turned SHIB into a bearish asset, currently flashing a sell-off signal.
According to the on-chain analytics firm IntoTheBlock, metrics such as net network growth, large transactions, whale concentration, and bid-ask volume imbalance are flashing bearish signals and seem to indicate that traders should avoid long positions.
Shiba Inu’s on-chain data prints a bearish picture as key metrics point to weakening investor confidence. According to data from IntoTheBlock, SHIB’s net network growth rose slightly by 0.19%, suggesting limited new address activity and lower overall engagement.
Additionally, large transaction volume dropped by 0.25%, indicating reduced participation from whales and institutional players, typically considered a bearish signal.
The concentration of SHIB among large holders increased by 0.04%, reflecting a slight uptick in whale dominance that could lead to heightened volatility. Meanwhile, the meme coin’s bid-ask volume imbalance fell by 5.97% over the past 24 hours, showing a surge in sell orders over buy orders, reinforcing the prevailing selling pressure in the market.
When combining these on-chain metrics with exchange data, it flashes a strong bearish signal with no signs of bullish momentum, indicating a potential price decline in the coming days.
Shiba Inu (SHIB) Price Action and Techncial Analysis
According to expert technical analysis, SHIB price prediction suggests that the meme coin is on the verge of a make-or-break situation, with the upcoming price momentum likely to determine its next move.
On the daily chart, SHIB recently broke out of a bullish inverted head-and-shoulders pattern. However, over the past few days, it has struggled to gain momentum and is currently hovering near the pattern’s neckline.
SHIB Price Prediction
Based on recent price action and current market sentiment, if the meme coin continues to decline and closes a daily candle below the $0.00001375 level, SHIB price prediction suggests that it could face a further drop of 11% or more.
On the other hand, if sentiment shifts and the meme coin manages to hold above the $0.000014 level, SHIB could witness an upside rally, with the price potentially jumping by 22%, reaching as high as the $0.0000176 level.
The current price action shows that the meme coin is at a neutral position. At press time, SHIB’s Stoch RSI stands at 1.95 and 9.51, indicating that the asset is hovering near the oversold zone. This suggests that bearish momentum may be cooling off, but a clear reversal signal has yet to form.
