Shiba Inu's (SHIB) price saw a 10% rise in October, prompting optimism that its rally might continue. However, early November trends suggest otherwise, with the price at $0.000018. An expected price correction could occur soon.
Shiba Inu's Daily Active Addresses (DAA) showed positive divergence alongside price growth in October. However, a recent 20% drop in DAA indicates reduced active participation, which historically leads to price dips. If this trend persists, SHIB may test support levels below $0.000018.
On-chain data also reveals decreased Shiba Inu coin holding time. A depreciation in holding time implies that investors are opting to sell rather than hold, reflecting waning confidence and potential price pressure.
Although SHIB broke out of a descending triangle pattern on October 29, this upward surge may have been a fakeout. Its subsequent fall back into the pattern suggests an impending downturn, with buyers potentially trapped by false gains.
Should current trends continue, SHIB's price might drop to $0.000015. However, a breakout above the triangle could see the price reaching $0.000022.
