Shiba Inu (SHIB) Price in Downswing-Gloomy Stats

• Shiba Inu has indeed been battling the red candle march for several weeks.
• Volume profiles indicate that short-term investors and traders are the main supporters of the Shiba Inu.

The crypto has been in slump for the past few weeks, however some have made significant recoveries without unveiling any concrete outcomes. Additionally, the majority of coins have been confronting a red candle march and the crucial phase. Even the most vital cryptocurrency, Bitcoin, is struggling to achieve $21,000, Ethereum is steadily losing value, and Shiba Inu was unable to break through the local resistance level.

Shiba Inu Price Surfing Down

Although Shiba has launched the Shiba Eternity card game, the most anticipated thing happened on October 6, it has had no impact on the Shiba price and it is still surging down.

The lack of volatility, poor price performance, and the absence of whale support had disastrous effects on the token since speculative interest was the primary fuel for it in 2021.

According to volume profiles, the majority of Shiba Inu support is coming from short-term investors and traders. The continuation of the token’s long downturn that has lasted the entire year remains the most likely result. 

And whales aggressively supported the token as it fell after reaching the ATH, anticipating it would flip at some point. Unfortunately, because too many normal investors are willing to sell their tokens as soon as possible, the massive control of whales on the assets prevented it from entering an upswing.

According to market data, the selling pressure on assets exceeds the usual number by over 20% following every significant price gain, hinting that certain traders are especially aiming at supplying sale volume when the asset is trying to break out. Shiba Inu (SHIB) is currently trading at $0.00001110, down 0.76% in the last 24 hours.

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