• Shiba Inu has been bearish on the price charts in recent weeks due to negative investor sentiment and lower trading volume.
• Bitcoin approached a critical support level, but it remains uncertain whether the downtrend across the crypto-market will be relieved.
• The RSI and OBV indicated a bearish shift in bias with a shorting opportunity presented around $0.0000123 while daily active addresses trended lower but accumulation was seen.
Overview of Shiba Inu Price Movement
Shiba Inu (SHIB) has been bearish on the price charts in recent weeks as investor sentiment has been negative and the trading volume also saw a fall in recent days, despite the network performance remaining healthy. Bitcoin also approached a critical support level, however it is still uncertain if there will be any relief from this overall downtrend across the crypto market.
On the daily chart, SHIB broke beneath its higher low at $0.0000117 (shown in orange) which signaled a bearish structure. Additionally, an imbalance was seen above which could present a shorting opportunity around $0.0000123 according to technical indicators such as Relative Strength Index (RSI) and On Balance Volume (OBV). The RSI fell below 50-mark indicating sellers dominating the market while OBV noted losses although not large ones yet. Meanwhile, further levels of support were identified at $0.0000105 and $0.0000094 – 3.4% and 13.2% below its current price respectively at press time.
Daily Active Addresses
The 90-day MVRV ratio hit 6-month highs in early February before declining afterwards suggesting that holders likely booked profits during this period of high prices for SHIB tokens; however, selling pressure would not necessarily decrease due to this factor alone as seen by how daily active addresses count have decreased since 21 February as well even though accumulation was observed at certain points throughout this time frame too..
Federal Reserve Update
Additionally, Federal Reserve Chair Jerome Powell cautioned that interest rates could head higher which had an impact on investor sentiment particularly amongst those holding cryptocurrencies such as Shiba Inu token resulting in further losses for Bitcoin and possibly SHIB too should these downward trends continue further southbound on their respective price charts..
To conclude then, investor sentiment towards SHIB has been generally negative lately with buyers seemingly taking profit while sellers remain dominant within this market leading to many weak signals moving downwards on technical indicators like RSI and OBV among others; furthermore federal reserve updates regarding possible rate hikes have only added to existing pressure pushing prices lower even more making it increasingly difficult for bulls to make any substantial gains anytime soon without some kind of positive news or stimulus package coming into play first..