Shiba Inu (SHIB) investors are facing a challenging time as the price of the meme coin continues to decline due to bearish market conditions. The surge in selling pressure and decreasing confidence among SHIB holders are contributing to a potential correction in the price. Over the last 48 hours, a significant amount of SHIB has been sold on exchanges, amounting to $103 million worth of supply. This selling pressure may be driven by investors looking to lock in their gains or offset their losses.
Moreover, long-term holders of Shiba Inu have been observed moving their assets, indicating a shift in sentiment towards preventing further losses. The age-consumed metric, which calculates the total days lost by multiplying the total supply moved with the total number of days since the last move, has shown multiple spikes recently. These spikes suggest significant amounts of supplies or very old coins moving, which are generally bearish signals for an asset like SHIB.
As a result of these factors, Shiba Inu’s price is currently experiencing a drawdown. It has already failed to breach key resistance levels and has fallen out of the consolidation range, signaling a potential move towards critical support at $0.00002093. If this support level is broken, SHIB could see further downside towards $0.00002000, marking a multi-month low for the asset. However, if the price bounces back from the critical support, there is a possibility of a slight recovery, leading to continued consolidation and potentially invalidating the bearish thesis.
It is important to note that the information provided in this analysis is for informational purposes only and should not be considered as financial or investment advice. Market conditions are subject to change, and it is crucial to conduct your own research and consult with a professional before making any financial decisions. Be aware of the risks involved in cryptocurrency investments and stay informed about the latest developments in the market. Remember to review the updated Terms and Conditions, Privacy Policy, and Disclaimers for accurate and unbiased reporting.
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