As a seasoned analyst with over two decades of market experience under my belt, I find myself cautiously optimistic about Shiba Inu (SHIB) following its 4% price increase in the past 24 hours. However, the broader context suggests that this rally might be short-lived, as the bearish sentiment continues to overshadow the meme coin.
The popular meme cryptocurrency Shiba Inu (SHIB) has experienced a 4% rise over the past day, mirroring the overall growth in the crypto market. Yet, this price surge could be fleeting as pessimistic feelings persist around SHIB.
Based on blockchain data and technical analysis, it appears that the upward momentum of Shiba Inu’s price may soon change direction when the overall market’s positive pressure starts to diminish.
Shiba Inu Records Outflow as Selling Pressure Mounts
It seems that investors are choosing to offload their Shiba Inu (SHIB) coins at an increasing rate, as indicated by the observed outflows from the spot market. Today, approximately $3.2 million has left the meme coin’s trading platform, representing a single-day dump. This trend of withdrawals has persisted for four consecutive days now, totaling a withdrawal of around $13 million from the SHIB spot market.
When an asset experiences more withdrawals or sales than purchases or deposits on its market, this is referred to as net outflows. This situation suggests decreased demand or investor uncertainty, which may result in a fall in the asset’s price due to less buying pressure. For instance, consistent outflows of SHIB imply that investors are more inclined to cash out their profits than hold onto their coins, reflecting a bearish attitude.
Remarkably, BeInCrypto’s analysis shows a decrease in Shiba Inu (SHIB) coins being held for longer periods during the last week. Based on data from IntoTheBlock, this holding duration has fallen by approximately 48% over the past seven days.
An asset’s holding time measures the average length of time its tokens are held in wallets before being sold or transferred. When this metric dips, it indicates increased selling pressure among market participants. This scenario reflects the bearish sentiment toward the asset and contributes to its price decline.
SHIB Price Prediction: Can Bulls Defend the $0.000021 Mark?
As an analyst, I’m observing that Shiba Inu (SHIB) is presently trading at approximately $0.000022, maintaining a position above its crucial support level at $0.000021. Yet, the mounting bearish pressure could potentially cause SHIB to retrace towards this critical support point. If the bulls are unable to fortify this level, the current downward trend might strengthen, possibly pushing SHIB’s price down to around $0.000019.
If the overall market mood becomes optimistic, there’s a possibility that the price of Shiba Inu might keep climbing towards 0.000026.
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2024-12-24 16:30