As an experienced analyst, I’ve seen my fair share of ups and downs in the cryptocurrency market. And unfortunately, Shiba Inu (SHIB) looks like it’s going through another rough patch. The latest price action shows SHIB struggling to maintain its upward momentum after failing to break above the crucial 50 EMA resistance level. This setback could lead to a further decline, potentially pushing SHIB toward the $0.000024 support level.
Shiba Inu has once again fallen short of our expectations as the meme coin has been unable to surpass the significant resistance level of the 50 Exponential Moving Average (EMA), resulting in a retracement below this mark. This potential setback may cause SHIB to lose momentum and approach earlier pricing tiers. As per the current chart analysis, Shiba Inu’s performance is currently concerning, at least for the time being.
As a crypto investor observing Shiba Inu (SHIB), I see that according to technical analysis, the coin’s price action has failed to sustain its upward trend. The failure to break above the 50 Exponential Moving Average (EMA) indicates a pullback, causing SHIB to drop below this critical resistance level. This setback could lead to a more significant decline, potentially pushing SHIB towards the $0.000024 support level. If this support fails to hold, the next likely target would be around $0.000022, which is another crucial support area for SHIB investors.
Large transactions worth over $100,000 have surged in recent hours, with a total of 378 such transactions recorded. This uptick may indicate heightened activity among whale investors. However, it also hints at potential selling pressure, as the combined value of these large transactions amounts to nearly 8.97 trillion SHIB, close to the seven-day high of 9.6 trillion SHIB.
The NVT ratio for Shib has decreased by 22.70% within the past 24 hours, signifying that the market value is shrinking faster than transaction volume. This downward trend in the NVT ratio might be a red flag indicating waning investor confidence and potentially bearish market sentiment towards SHIB.
As a crypto investor, I’ve been closely monitoring Shiba Inu‘s price action lately. The coin’s inability to surpass the 50 Exponential Moving Average (EMA) resistance level and the subsequent correction hints at potential challenges for this meme coin. From a technical standpoint, there are indications of a possible downtrend towards significant support zones. Moreover, on-chain data reveals an uptick in large transactions and a decreasing NVT ratio, which could be an ominous sign of weakening market sentiment.
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2024-05-17 15:44