Shiba Inu (SHIB) Faces Severe Downside Momentum as Multiple Technical Indicators Turn Bearish

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, faces severe downside momentum as several technical indicators turn bearish.

Shiba Inu (CRYPTO: SHIB), the second-largest meme coin by market capitalization, faces several technical hurdles as several indicators turn bearish.

What Happened: Shiba Inu has seen a 61% decline in burn rate over the last 72 hours, according to data from Shibburn, a Shiba Inu burn tracker.

However, the burn rate has shown a 470% increase in the last 24 hours, as highlighted by the burn tracker.

The meme coin’s trading volume has dipped to $379 million, as noted by CoinMarketCap.

Shiba Inu price at the time of writing is down 8.5% in the past 24 hours at $0.000015, according to Benzinga Pro.

Several factors may be contributing to the decline in Shiba Inu's market indicators.

The broader crypto market has seen increased volatility following Bitcoin’s failure to breach the $100,000 price point, leading to a price crash.

This price drop has affected most cryptocurrencies, with meme coins like SHIB bearing the brunt.

Furthermore, the ongoing trade war between U.S. President Donald Trump and China, Canada, and Mexico has also impacted the crypto market.

Following the announcement of the trade war, Bitcoin price fell, which was followed by other major cryptocurrencies and meme coins.

Other technical indicators, excluding burn rate and trading volume, have also taken a hit.

Shiba Inu’s Moving Averages (MAs) are currently in the red.

At the same time, its Relative Strength Index (RSI), sitting around 31%, indicates a neutral level.