SHIB loses momentum: Why a bearish retracement could be on the way
. Subsequent bullish attempts have been weaker, and a bit of price slippage has ensured a tough time attempting to push back to the aforementioned level. A potential reason for this is the fact that the price interacted with the 200-day moving average. The latter may have acted as a psychological profit-taking zone.
SHIB exchanged hands at $0.0000094 at press time. The relative price weakness observed in the last three days reflects the cryptocurrency’s slight momentum pullback as seen in the RSI. The latter previously dipped into overbought territory during the weekend, thus strengthening the probability of a sizable pullback.Although the current situation suggested that the market could be headed for some downside, the level of outflows remains limited.
about bullish prospects. However, network growth recently pushed closer to its lowest level in the last four weeks.The declining network growth may offer a more accurate representation of the declining activity. As such, investors might switch gears as far as sentiment is concerned, provided the market fails to yield some excitement.Over on the derivatives side of things, we observed a shift that may highlight the shifting sentiment.
. Meanwhile, Shiba Inu is reportedly one of the cryptocurrencies that BitPay users in the U.S. will be able to use to pay their bills. The announcement underscores SHIB’s growing utility.
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