Oh, the travails of the noble Shiba Inu (SHIB)! Since the fateful day of July 23, this once-mighty meme coin has found itself ensnared in a descending parallel channel, losing more than 20% of its value. Alas, what a fall from grace!
On-chain data, those cryptic whispers of the digital realm, suggest that our dear SHIB may yet face additional bearish pressures. The waning demand, a sign of the times, points to a further descent into the abyss. 🌍➡️🔥
SHIB’s Descent: A Tale of Woe and Waning Confidence
The one-day chart of SHIB/USD reveals a grim tale: the meme coin has been trading within a descending parallel channel since the aforementioned date, its price plummeting by double digits. A spectacle to behold, indeed!
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A bearish pattern, you ask? It is a phenomenon where an asset’s price consistently makes lower highs and lower lows, forming two parallel trendlines that slope downward. This, my friends, is the hallmark of a sustained downtrend, fueled by the faltering confidence of investors and the absence of robust buying pressure. 📉😢
And the on-chain data from the venerable Glassnode confirms the decline in new demand for our beleaguered meme coin. The number of unique addresses appearing for the first time in a SHIB transaction has dropped by a staggering 30% in the past fortnight. What a tragedy! 🎭💔
This continuous decline in new user activity holds grave implications for SHIB’s short-to mid-term outlook. Without a steady stream of new participants, the buying pressure evaporates, making it nigh impossible for the meme coin to break free from its current downtrend. 😢🚫
Moreover, SHIB’s Holder Retention Rate has taken a nosedive. According to the wise sages at Glassnode, the retention rate fell to a two-month low of 96.096% just yesterday, indicating a decline in the number of steadfast holders clinging to their positions. 📊📉
This metric, a measure of the percentage of holders who retain their tokens over a given period, reflects the collective faith in the asset’s future. A high retention rate speaks of unwavering confidence, while a falling rate suggests growing uncertainty or dissatisfaction among the faithful. 🤔💔
Thus, SHIB’s declining Holder Retention Rate heralds increased selling pressure, as more investors bid farewell to their holdings. Farewell, SHIB, until we meet again! 👋🚀
Can a Rally Restore SHIB to Its Former Glory?
At the time of writing, the top meme coin trades at a modest $0.00001252. With the forces of selling gaining strength, the altcoin risks testing the support level at $0.0000167. Should this price floor prove insufficient, SHIB’s value might tumble further to $0.00001004. 🚀💥
However, should new demand surge and traders decide to hold on longer, SHIB might just reverse its downward trajectory and rally to the heights of $0.00001295. Only time will tell, and in the meantime, we shall watch and wait, with bated breath and hopeful hearts. 🌟💖
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2025-08-07 19:33