Recent trends indicate a significant drop in demand for Shiba Inu (SHIB), raising alarms about its market stability. An intriguing event unfolded as 151.61 billion SHIB coins were withdrawn from the Coinbase exchange, leaving analysts questioning whether this move symbolizes market accumulation or further bearish sentiment. Currently, the price of SHIB is on a downward trajectory, with notable shifts in market structure reflected in the four-hour trading chart. This situation prompts concerns regarding the sustainability of any potential bullish signals.
Is SHIB Facing Increasing Selling Pressure?
SHIB’s price has faced challenges, failing to break through the resistance at $0.00002, which has heightened selling pressure initially seen in February. The next critical support level is positioned at $0.00001288, while the $0.000016 range, which saw consolidation in October 2024, could serve as a robust demand zone.
Can SHIB Coin Recover to Key Price Levels?
In recent analysis, a short-term target for SHIB is identified between $0.0000154 and $0.0000157, which may act as a significant resistance point. Additionally, the $0.0000174 zone is noted as a potential area for price pullback, strategically positioned just above local peaks in the four-hour chart. However, given the prevailing weak market sentiment, any upward momentum appears uncertain.
- Withdrawal of 151.61 billion SHIB from Coinbase raises questions about market sentiment.
- Resistance at $0.00002 proves challenging for SHIB, with the next support at $0.00001288.
- Short-term targets indicate potential resistance between $0.0000154 and $0.0000157.
- Market conditions suggest profit-taking opportunities, but upward movement remains questionable.
The current market landscape for Shiba Inu reflects heightened caution among traders, as the potential for recovery seems to hinge on overcoming significant resistance and improving overall market sentiment. The analysis demonstrates that while there are levels worth monitoring for potential rebounds, the prevailing bearish indicators may overshadow any attempts to regain lost ground.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/shiba-inus-demand-plummets-as-prices-decline