Shiba Inu Coin (SHIB) has recently performed poorly, attracting market attention. Data shows that the price of this cryptocurrency falls by an average of 0.6% daily, with a monthly decline of over 17%. More concerning is that network activity is near historical lows, with only 3,148 daily active Addresses, almost touching the monthly minimum of 3,130.

A significant decline in this level of activity usually indicates that prices may fall further. Historical data shows that a surge in active addresses often precedes price increases, as seen earlier in August. However, the current sluggish state is consistent with a bearish trend.

Technical analysis further confirms the downside risks. The Exponential Moving Average (EMA) has shown a bearish crossover, suggesting that support levels of 0.00001215 and 0.00001160 may be tested in the short term. The Bull-Bear Power (BBP) indicator shows that selling pressure is increasing, indicating that bears are gradually taking control of SHIB's price movement.

Although the overall outlook is not very optimistic, there are still some positive factors worth noting. The Chaikin Money Flow (CMF) indicator readings remain positive, and the top 100 wallets have recently shown accumulation behavior. These factors bring a glimmer of hope for SHIB and may serve as a catalyst for a reversal in the future.

Currently, the performance of SHIB is roughly in line with the entire meme coin market. Although there are challenges in the short term, long-term investors are still closely monitoring market trends, looking for potential rebound opportunities. In this highly volatile market, investors need to remain vigilant while also keeping an open mind to possible turning points.