On January 12, the price of Shiba Inu dipped by 3%, as potential buyers seemed uncertain. Given that the market demand has stagnated, there’s a question about whether Shiba Inu can surge back above $0.000025.
3% Pullback Limits SHIB Price Recovery
Over the past day, Shiba Inu (SHIB) saw a drop of 3%, currently valued at approximately 0.000021 USD on January 12th. The lack of confident buyers and subdued market interest have significantly influenced its ability to recover.
Although the larger cryptocurrency market appears to be rebounding, the latest Shiba Inu price fluctuations indicate that sellers are still in control of the trend’s direction.
From the 5th to the 9th of January, the price of SHIB decreased by approximately 10.4%. This decline saw it fall from $0.0000235 to $0.000021 amidst a time when there were significant market sell-offs.
After a decrease in negative sentiment towards cryptocurrencies, Shiba Inu (SHIB) has held steady for the last couple of days. Although there was a recent drop in price, it continues to be traded above its lowest point on January 9, which was $0.0000208.
A tentative improvement suggests there might be a change in investor attitude, but the lack of strong increase in purchasing activity suggests that investors remain cautious and apprehensive.
In contrast to the robust growth observed in other alternative coins like SUI and Cardano (ADA), Shiba Inu’s surge appears to be more restrained, suggesting that cryptocurrency investors are cautious about investing heavily in meme-based tokens during this volatile market period.
New Adoption Rate plunges as SHIB struggles to find buyers
The recent 3% price flip for Shiba Inu could indicate a significant bearish influence at play. Examining recent network activity reveals that, although there’s been some enhancement in overall cryptocurrency market optimism, the Shiba Inu blockchain has found it difficult to spark new interest.
The graph from IntoTheBlock underscores the trend we’re discussing, focusing on the rate at which new users are joining the Shiba Inu blockchain. This important metric monitors the proportion of wallets that have carried out their initial transactions on this blockchain, providing valuable insights into user growth.
On the 8th of January, the rate of new Shiba Inu adopters reached a high of 40%, indicating a robust expansion in the number of individuals joining the network.
Nevertheless, with pessimism prevailing across the market, this number saw a steep drop. By January 11, the New Adoption Rate had plummeted to a surprising 27.71%, marking a significant decrease of 12.29% over just three days.
The decrease in new users for SHIB suggests that crypto investors are still uncertain about investing in the meme coin market, as they await further developments in market opinion.
Shiba Inu Price Forecast: Weak volumes could prevent $0.000025 breakout
The current Shiba Inu price forecast shows uncertainty, since the token is hovering around $0.00002169. Technical analysis hints at a neutral perspective on its future direction.
The tightening of daily Bollinger Bands (BB) indicates a decrease in price volatility. Shiba Inu (SHIB) is currently testing the middle point ($0.00002232) of these bands. If SHIB continues to rise, it might aim for $0.00002456, which represents the upper band.
Nevertheless, the trading volume is still relatively low at 799.93 billion, according to the volume delta graph, which has sparked doubts about the strength of the bullish trend.
If the price of SHIB surpasses $0.00002232, it might draw new investors, possibly pushing the token towards $0.00002500. This would necessitate a significant increase in purchasing activity and a decisive close above resistance points. Such a shift could align with more positive market feelings, further amplifying SHIB’s upward momentum.
Instead, a pessimistic viewpoint depends on Shiba Inu (SHIB) not managing to surpass $0.00002232. If it falls below $0.00002009, which is the lower Bollinger Band, this might indicate increased selling pressure. This could lead SHIB to revisit its December low at $0.00001853.
In simpler terms, the low number of trades suggests this situation is valid, as a decrease in interest could limit immediate profits. The upcoming trading days will be crucial in determining Shiba Inu’s trend.
Read More
- EUR ARS PREDICTION
- EUR CAD PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- USD BRL PREDICTION
- SAFE PREDICTION. SAFE cryptocurrency
- ULTIMA PREDICTION. ULTIMA cryptocurrency
- ILV PREDICTION. ILV cryptocurrency
2025-01-12 21:00