Shiba Inu (SHIB) has suffered a sharp 22% decline in its price over the last 24 hours, reflecting the broader downturn in the cryptocurrency market. The sudden drop underscores the increasing dominance of bearish sentiment, while bulls seem to have retreated, leaving little room for a meaningful recovery in the short term. Multiple factors, including rising selling pressure and declining network activity, suggest that SHIB may face further challenges in regaining upward momentum.

Two days ago, SHIB was trading at $0.000024, but its value has since plummeted to $0.000019, closely mirroring the performance of other cryptocurrencies like Bitcoin (BTC) and various altcoins. This decline aligns with the insights provided by the Bulls and Bears indicator, which tracks the activity of wallets responsible for buying and selling 1% of the total trading volume.

Currently, the data suggests that sellers (bears) are outpacing buyers (bulls), creating downward pressure on the token’s price. Analysts believe this imbalance could drive SHIB’s value below the $0.000019 threshold in the near future, particularly if bearish momentum persists.

Adding to the bearish outlook is a significant decrease in Shiba Inu’s network activity. On-chain data from Santiment reveals a notable decline in the number of active addresses interacting with the token. This metric, which measures unique wallet activity over a specific period, is often seen as an indicator of market interest and demand. A rise in active addresses typically signals increased participation and engagement, while a decline, as seen in SHIB’s case, points to waning interest and reduced transaction volume.

The diminished activity on the Shiba Inu blockchain suggests a lack of enthusiasm among investors and users, further reinforcing the likelihood of a continued price decline. The token’s underwhelming performance has also been highlighted on its 4-hour chart, where the Relative Strength Index (RSI) currently stands at 31.53.

The RSI, a momentum indicator that measures the speed and magnitude of price movements, shows that SHIB is firmly in bearish territory. A reading below 50.00 suggests downward momentum, and with its current value nearing oversold levels, the token’s price may continue to fall unless market dynamics shift.

If bearish trends persist, SHIB’s value could slide further to $0.000015. However, there is still a possibility for a reversal if bulls regain control or the token becomes oversold, sparking renewed interest among investors. In such a scenario, SHIB could break through the $0.000026 resistance level, potentially rallying to $0.000033.

While the outlook for Shiba Inu remains uncertain, the recent downturn underscores the challenges faced by meme coins in maintaining investor confidence during broader market declines. The coming days will be critical in determining whether SHIB can recover or if bearish forces will continue to dominate its trajectory.