Shiba Inu Price Under Pressure as Shibarium Adoption Stalls – Larger Drop Incoming?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the Shiba Inu price has seen a slight decline of 1.47%, seemingly hitting a price wall as its recent momentum wanes. Coinciding with this, the meme coin has noted a decline in the utility of its ecosystem, Shibarium, purporting a bearish outlook for the asset.
Indeed, this lapse represents a step back from the growth observed in the past week. Although Shiba Inu still retains a 7.91% gain, its momentum has faltered.
This trend is mirrored in trader activity, which is down a further 4.93% today to $197.4 million, raising the question of whether this is a minor setback or the beginning of a reversal.
Data from Shibariumscan shows a decline in the number of new accounts and stagnancy in the number of transactions on the chain since September 19th.
Following a Fed-rate cut-fueled boom in Shibarium adoption, it seems that this momentum has died.
However, a closer look at the Shiba Inu price chart suggests that this may just be a minor setback in a wider bullish narrative.
Most notably, today’s price action has affirmed the formation of a bullish falling wedge pattern since March, characterized by a series of lower highs and lower lows as the price consolidates towards a breakout point.
As the Shiba Inu approached a test of the upper resistance of the pattern, it was rejected and and now faces a battle to maintain support at $0.000016. A daily close below this could push Shib back down to lower support at $0.0000145.
Although SHIB currently lacks the momentum needed to affirm a decisive break, this may just be indicative of a
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