As a crypto investor, I’ve noticed that Shiba Inu (SHIB) has slipped below a significant support level, suggesting a shift in market sentiment. The digital currency is now trading under the 100 Exponential Moving Average (EMA), edging ever closer to the critical 200 EMA on the charts. This downward trend aligns with a -1.70% decline from the previous day, leaving SHIB at approximately $0.00002142. Given that Shiba Inu has struggled to maintain its recent upward momentum, the current market activity appears to be fueled by bearish energy.
large shifts in the number of Shiba Inu (SHIB) holders are noticeable based on blockchain data. Addresses holding between $1 million and $10 million worth of SHIB have experienced a drop of 10.17%, while those with more than $10 million have witnessed an even greater drop of -28%. This significant reduction in holdings has sparked some worry due to these groups’ impact on market sentiment and price consistency. The decrease in their holdings suggests that they might be cashing out or are growing less bullish about SHIB’s immediate future prospects.
As a researcher examining the cryptocurrency market, I’ve observed that the behavior of smaller investors has been somewhat erratic. This is evident in the 20% rise in wallets holding $1-$10 worth of SHIB, indicating a modest interest from new or casual investors. However, these inflows might not be enough to counterbalance the significant sell-offs by larger players in the market.
Despite being a community-led token, SHIB is influenced by investor feelings and broader economic trends. Key resistance levels stand at $0.00002500 and $0.00003000, but the support level at $0.00002000 might be particularly crucial.
If we don’t sustain this level, there’s a possibility that Shiba Inu (SHIB) could drop even more, potentially reaching approximately 0.00001750 USD. To regain its pace in the future, SHIB will heavily rely on renewed attention from major investors and its capacity to develop more diverse applications.
From my analysis, it seems that without significant buying pressure emerging, the current technical signs suggest a period of consolidation or potential further drops may occur. Given the recent outflows from larger investment accounts, it could be prudent for regular investors to steer clear of overly risky moves.
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2025-01-08 12:12