Disclaimer: Opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please consult a financial professional and conduct your own research before making any investment decisions. All content is believed to be accurate as of the publication date, however, certain offers mentioned may no longer be available.
Recent price movements and on-chain indicators indicate that Shiba Inu is experiencing significant impact. Over 1.2 trillion SHIB tokens have been traded in the past day. Still trending downwards, the asset does not appear to be getting the support it needs from this high trading volume.
As we can see from the SHIB/USDT daily chart, SHIB remains inside a descending channel. SHIB is struggling to break out of key resistance levels, which is a sign of a downtrend. The 200, 100 and 50 EMAs are all showing continued selling pressure.
The fact that SHIB’s price is below each of these important moving averages supports the bearish outlook. According to the chart, SHIB is forming lower highs and lower lows, a well-known sign of a downtrend. The price is constantly being pushed back, and even sporadic attempts to break out of this pattern have resulted in further declines.
Related
More information on SHIB’s current state can be obtained from on-chain data. The asset has seen significant movement over the past week, with $184 million worth of transactions taking place. Nevertheless, numerous on-chain signals suggest that overall sentiment remains bearish.
Shiba Inu’s technical indicators and on-chain data paint a dire picture: the asset’s price is under constant downward pressure despite heavy trading volume. Charts show that the descending channel that SHIB entered a few weeks ago was invalidated by a significant price drop below its lower limit.
Unfortunately, things aren’t looking good for Shiba Inu and with the massive decline in the overall cryptocurrency market, it’s unlikely to see a significant recovery.
https://u.today/shiba-inu-shib-whales-disappeared-12-trillion-in-24-hours
