Shiba Inu: Bearish Market Conditions Continue to Impact Price
Shiba Inu’s price is currently experiencing a drawdown due to the negative market conditions. The surge in selling activity and decreasing confidence among SHIB holders are contributing to this correction.
Shiba Inu Investors Are Losing Optimism
– SHIB price is expected to decline as holders sell their holdings
– Total supply on exchanges has reached a six-month high
– In the last 48 hours, wallets across all exchanges have increased by over 4.66 trillion SHIB
– $103 million worth of supply has been sold off by investors
– Long-term holders are moving their assets to prevent further losses
Multiple spikes have been observed in the age-consumed metric, indicating bearish signals for the asset. This metric calculates the total days lost by multiplying the total supply moved with the total number of days since the last move.
SHIB Price Prediction: Testing Critical Support Levels
– SHIB failed to breach $0.00002584 and is now heading towards critical support at $0.00002093
– Chance of dropping below this level to $0.00002000, marking a multi-month low
– If the price bounces back from $0.00002093, there is a possibility of recovery and consolidation
– Bearish thesis could be invalidated with a bounce back
Hot Take: Stay Informed and Watch SHIB’s Movement Closely
Keep a close eye on Shiba Inu’s price movement as it navigates through the current bearish market conditions. Stay informed about potential support and resistance levels to make informed decisions regarding your SHIB holdings.
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