Bears in Control?

The popular meme coin has been underperforming in the last two weeks, with its price plummeting by 13% (per CoinGecko's data).

Meme coin fans might be having a hard time as of late. The beloved cryptocurrency has been on a downward spiral for the last two weeks, losing 13% of its value (according to CoinGecko). While it did manage to recover some of its worth from yesterday's local peak, the overall trend still paints a картину虧損.

Four key bearish indicators, on the other hand, suggest that the meme coin is likely to experience a further pullback in the near future. The first of these indicators is the Net Network Growth, a momentum signal that “gives a pulse of the true growth” of the token's underlying blockchain, which is showing a 0.19% decrease on a daily scale, according to IntoTheBlock.

Following this, we have the Telegram sentiment, which reveals that over 45% of the SHIB-related messages on the application are negative, and only 5% are positive. 48% of those discussing the meme coin remain neutral.

Given that Shiba Inu is among the cryptocurrencies with the biggest and most devoted communities, the sentiment on messaging apps may impact buying and selling decisions, tipping the scales depending on the current mood.

The third bearish factor is the plunging large transaction volume (where each exceeds $100,000). According to IntoTheBlock's data, the figure has reached around $45 million in the past 24 hours, representing a 35% daily decrease.

Finally, we come to Shiba Inu's layer-2 scaling solution – Shibarium. Some industry participants believe the protocol's further advancement could fuel a SHIB rally based on the merits it provides to the entire ecosystem.

However, Shibarium has stalled its progress lately, with the number of daily transactions and new contracts going downhill in the past few weeks. For more updates on the ecosystem, something for the bulls, too

It is worth mentioning that some indicators suggest that the meme coin's price could head north soon. One example is the SHIB exchange netflow, which has been predominantly negative (outflows surpassing inflows) in the past month. This signals a shift from centralized entities toward self-custody methods, which reduces the immediate selling pressure.

In addition, crypto X is full of users who envision good days ahead for the self-proclaimed Dogecoin killer. Yoddha, for instance, recently claimed that the price pattern had formed a specific triangular shape, which could be a precursor of a triple-digit rally if broken to the upside.

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