The leading meme coin Shiba Inu (Shib ($ 0.00)) is caught in a descending parallel channel sin on 23 July, which is more than 20% of its value.
On-chain data suggests that Altcoin may be faced
Shib faced a recession press in the form of investor conference and demand faded
Reading from Shib/USD One-Day Chart suggests that the Meme coin has traded with a descending parallel channel sin on 23 July, its price falls in that period.
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This recession pattern emerges when the price of an asset makes less high and low climbing, making two parallel trendlines that slip downwards. This indicates a constant downtrend, wearing the investor’s confidence and low purchase pressure.
The on-chain data meme from Glassnode confirms the decline in new demand for coins. For data provider, the number of unique addresses appearing for the first time in a Shib transaction has been dropped up to 30% in the last two weeks.
This continuous decline in new user activity is a significant implication for Shib’s short-to-middle-term approach. Without a stable influx of new participants, buying the press, it became distinguished to avoid its current downward for the meme coin.
In addition, Shib’s holder’s retract rate has fallen. For Glassnode, the retention rate fell to a two -month low of 96.096% yesterday, indicating a decline in the number of existing holders is still the main to its post.
It measures the percentage of metric holders that retain their tokens on a lamp. A high recurrence rate reflects strong confidence in the future possibilities of the property, which suggests an increase in uncertainty or disqualification between a falling revival rate holders.
Therefore, the falling holders of Shib increase the pressure by increasing the retraction rate, as more investors exit their positions.
Can a Rali push Shib back to $ 0.00001295?
At the press time, the top meme coin trades on $ 0.00001252. Altcoin risk support support on $ 0.0000167, with climbing cell-side strength. Whether this value fails to catch the floor, the value of Shib falls towards the couples $ 0.00001004.
On the other hand, if the new demand climbs and the traders expand their holding time, Shib may reverse its bottom trend and rally to $ 0.00001295.
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