SDN

Fundamental Analysis

Introduce

Shiden Network is a multi-chain decentralized application layer on Kusama Network. Kusama Relaychain does not support smart contract functionality by design - Kusama Network needs a smart contract layer. This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs and more.

BasicInfo

Technical Analysis

Kline Data

Analysis

The asset experienced a volatile period over the last 30 days, initially showing a sharp decline from a high of 0.2283 on Dec 7th to a low of 0.137 on Dec 20th followed by a moderate recovery attempt, but ultimately ended with a weak downward trend. The price has fluctuated, with multiple spikes and drops, indicating a lack of clear directional momentum. Volume has been inconsistent, spiking during price drops and remaining low during the small rallies, reflecting weak buy-side pressure. The recent price action from Dec 25th to Dec 31st shows a downtrend, with closing prices consistently below opening prices, suggesting selling pressure. A significant bearish engulfing pattern is observed around Dec 23rd, when a long green candle is followed by a longer red candle that engulfs the previous one, emphasizing the strong downward move. The asset closed at 0.1548, nearing a 30-day low, potentially indicating more downside risk if the current trend continues. Overall, the 30-day K-line chart suggests a high level of instability with no clearly visible patterns, with bearish momentum in the most recent days, meaning a further decline in the short term is possible. There is a lack of buying conviction, and the low volumes during rallies is concerning, suggesting a continuation of bearish tendencies in the short term.