An assessment of Shiba Inu's [SHIB] price movements on the 3-day chart has revealed the formation of a descending triangle...
A descending triangle is formed when an asset’s price is bound between the support and resistance lines, forming a triangular shape on the chart.
Likewise, new demand for the memecoin has plunged. In fact, according to the on-chain data provider, the number of new addresses created to trade SHIB daily has dropped by 51% over the same period.A decline in the number of active addresses trading an asset is often a precursor to low trading volume. When this decline is persistent, the downward pressure on the asset’s price mounts.
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