Shiba Inu – How a new ‘low’ might impact memecoin’s price in the short term

• SHIB price broke the rising trend line that had kept the prices since the collapse on August 5
• The active ALTCOIN account number decreased every period during nUmber of New Transances has been flat since mid -February

Sheba Eno [SHIB] The price destroyed the rising trend line that had kept prices since the crash of August 5. Due to itself, the second largest mechanical is now ready for more declines to its lowest levels in the Q1 2024.

The upper trend line, which supported the price between 0.00001095 and 0.00003315 dollars, decreased to the time of the press 0.00001160. 0.00000837-Low from Q1 2024 remains a potential negative goal.

MACD line in -0.00000110, signal line at -0.00000102, graphic drawing at -0.00000008, all the dumping momentum. The remaining MACD line under the signal line confirmed the downward trend.

Source: TradingView

If the MACD line moves over the signal line, about +0.00000100 with crossing the graph in the positive area, it may indicate a possibility of reflection.

On the contrary, the decline in the MACD line will see -0.00000200, with the transformation of the chart to -0.00000015 and confirmation of constant bear pressure.

If Shiba Inu fell to its lowest levels in the second quarter of 2024 at a value of $ 0.00000837, panic may be sold, which pushes the prize down. On the contrary, the reversal of this level may pay the price to up to $ 0.00002100 to test the broken direction line, if the purchasing interest improves.

How can the decrease in Shayb activity affect the price?

Shiba Inu also witnessed a decrease in active addresses for each period of more than 2000 in mid -February to a historical level of 501. The decrease indicated the lowest user’s interest, the reduction of transactions activity, and the decrease in the network.

SHIB may face low pressure when the use of the network is diminished, absorbing dry speculation. When this happens, liquidity is for sale. If SHIB is unable to generate the new or inspiring ascension, the landing will spread and pay the price down in the short term.

Source: Blockscout

Moreover, the falling decline from more than 4.6 million to only 44,913 is the lowest level ever in the number of new transactions.

Since trading volumes were stagnant, the demand has decreased between investors. Such an update reduces liquidity and allows the price to decrease more easily.

Source: Blockscout

The worst use state is translated into smaller folders circulated. This means that SHIB is less appreciated for investors and traders.

This retreating attention may lead to a rise in sales because the owners are disappointed. Without any new network use or difficulty, the graying price may last.