Shiba Inu (SHIB) Faces Selling Pressure After Profitable Month
Shiba Inu (SHIB) has encountered selling pressure, causing its price to decline and retreat from recent gains. Despite approaching the key resistance zone of $0.000001, SHIB has fallen short and experienced a series of losses, pushing it further away from this mark.
SHIB Price Forecast
According to machine learning algorithms, the projected price for SHIB is expected to increase to $0.000009738 by March 1, marking a gain of 2.86% from the current level. Looking further into March, algorithms predict that SHIB will reach a threshold of $0.00001 on March 19.
A Spike in SHIB Transactions Indicates a Potential Price Surge
Recent data shows that significant amounts of Shiba Inu tokens have been transferred by anonymous holders in the past few hours. This coincided with Shibarium experiencing fluctuations in SHIB’s price and hitting a new peak in daily transfers. The layer-2 blockchain has witnessed a remarkable surge in daily transaction volume.
Shiba Inu Price Chart
The current SHIB price reflects a decrease of -3.87%. Despite an increase in daily transactions and deposits on major crypto exchanges, technical indicators for SHIB lean towards a ‘sell’ rating at 11 evaluations. Moving averages suggest a ‘sell,’ while oscillators indicate a ‘neutral’ rating in most cases.
Conclusion
The future performance of SHIB depends on investor support during this period and whether it meets algorithmic predictions or succumbs to bearish technical indicators.
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