Journalist
Posted:
- The price of SHIB has fallen by more than 1%.
- The outflow of Shiba Inu was almost double the inflow.
Following the recent upward trends in Shiba Inu [SHIB]There has been a notable decline in recent days, causing the price to drop. How have traders responded to this change?
Shiba Inu resumes decline
The analysis of Shiba Inu on the daily time frame showed a decline in value over the past three days. The chart showed a decline of about 8%, after about ten days of upward trends.
The primary downturn occurred on December 11 and resulted in a decline of approximately 7.8%. Despite a small recovery of less than 1% on December 12, the sector experienced a subsequent decline.
Source: TradingView
At the time of writing, SHIB was trading down over 1.8%. The chart showed that the significant 7% decline on December 11 pushed the Relative Strength Index (RSI) below 60.
At the time of writing, the RSI remained below 60, indicating that the trend is still in a bullish trend, but with a gradually weakening trend.
The exchange flow shows the accumulation of interest in Shiba Inu
An analysis of Shiba Inu exchange rates on Santiment showed a continued accumulation trend despite the recent price decline. At the time of writing, the inflow of SHIB tokens into exchanges amounted to approximately 26.3 billion.
The volume reflected the number of tokens offered on the exchange for potential sale.
Source: Santiment
Conversely, the outflows from the exchanges showed a substantial movement of almost 51 billion SHIB tokens from the exchanges, representing withdrawals from trading platforms.
This trend suggested that a growing number of traders are choosing to withdraw their tokens from exchanges, possibly in anticipation of future price increases.
Source: Santiment
Positive sentiments decrease
After the notable decline in Shiba Inu values on December 7, data from Mint glass showed a subsequent decline in the funding rate. It is notable that SHIB’s financing interest rate fell from approximately 0.05% to approximately 0.003%.
During this period, the funding rate has consistently remained in positive territory.
Is your portfolio green? View the SHIB Profit Calculator
At the time of writing, the financing rate has increased to approximately 0.01%. The chart suggested that the decline in SHIB’s value has dampened the positive sentiments surrounding it.
However, despite the decline, overall sentiment remained positive, indicating that traders continue to anticipate a possible rise in SHIB’s price.