As a seasoned analyst with years of experience navigating the volatile cryptocurrency markets, I find myself deeply concerned by the current state of Shiba Inu (SHIB). Having witnessed numerous market cycles and trends, I must say that SHIB’s recent price action is not encouraging at all.
Over the last day, significant trading activity and on-chain data suggest that Shiba Inu has experienced considerable turmoil. Approximately 1.2 trillion SHIB tokens have been traded, yet despite this heavy trading volume, the asset continues to trend downward without the necessary backing or support it requires.
As a seasoned trader with years of experience under my belt, I have seen countless altcoins rise and fall like waves upon the market shores. Shiba Inu (SHIB) is one such coin that has caught my attention recently, and after studying its daily chart against Tether (USDT), I must admit it’s showing signs of a downward trend.
The current prices of SHIB being below its major moving averages lends credence to the pessimistic viewpoint. On the chart, we can see that SHIB is forming lower highs and lower lows, a recognized indicator of a descending trend. Moreover, each attempt to break free from this pattern results in further price drops.
For more details about the present status of SHIB, you can refer to the on-chain statistics. The past week has seen significant activity in this asset, with transactions totaling approximately $184 million. However, various on-chain indicators seem to suggest that overall, the sentiment remains negative.
A dismal picture is depicted by Shiba Inu‘s technical indicators and on-chain data, suggesting that the asset’s price is consistently being pushed downwards despite high transaction volume. According to the charts, the channel SHIB entered a few weeks ago, which was descending, has been invalidated due to a significant price drop below its lower boundary.
I’m afraid Shiba Inu isn’t in a good position right now, and it seems unlikely that there will be a significant improvement given the large dip across the entire cryptocurrency market.
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2024-08-04 13:15