SHIB big dump 21%! New users significantly decreased, is there still hope for Shiba Inu?

In the past two weeks, Shiba Inu (SHIB) has experienced a sharp fall, with its market capitalization evaporating by 21%, and investor enthusiasm has noticeably cooled. The number of new wallet addresses has significantly decreased, and the technical indicators continue to be bearish. Does SHIB still have a chance to reverse the decline and become the focus of market attention?

The number of new users has sharply declined, and market enthusiasm has clearly cooled down

According to Glassnode data, the number of new Wallets interacting with SHIB has fallen from 2,059 to 1,171 in just two weeks, a decrease of 44%. This data reflects a rapid loss of investor interest in SHIB, with a significant decline in market participation. The decrease in new users indicates a lack of momentum for capital inflow, making it more difficult for Shiba Inu to regain upward momentum.

The technical indicators are bearish, and the recovery prospects are unclear

From a technical perspective, the relative strength index (RSI) of SHIB is currently below 50.0, indicating a clearly bearish zone. This shows that market sentiment is bearish, and there is a lack of significant rebound momentum in the short term. If the overall cryptocurrency market does not undergo positive changes, the recovery chances for SHIB are relatively weak.

Key Support and Resistance Levels, Price Trend Analysis

Currently, the SHIB price is approximately 0.00001234 USD, still oscillating below the downward trend line. If the support level at 0.00001182 USD can hold, the price may consolidate in the range of 0.00001182 USD to 0.00001252 USD. If it falls below 0.00001141 USD, it may trigger a new wave of selling pressure, continuing the downward trend.

Bounce Opportunities and Risk Factors

If market sentiment improves, SHIB may break through the resistance at 0.00001252 USD and could expect a moderate rebound, with the next target range looking towards 0.00001333 USD. However, this rebound is highly dependent on the external market environment and investor confidence. If enthusiasm does not recover, there is still a risk of further price declines.

Conclusion

Shiba Inu (SHIB) is currently facing three challenges: user loss, low market sentiment, and technical pressure. In the short term, if there are no significant positive developments or improvements in market sentiment, the SHIB trend is likely to remain under pressure. Investors should closely follow new user data, key support levels, and overall market trends to prudently assess risks.