Shiba Inu Faces Continued Downtrend Amid High Transaction Volume and Selling Pressure
- Shiba Inu experiences significant fluctuations reflecting recent on-chain metrics and price movements.
- In the last 24 hours, more than 1.2 trillion SHIB tokens have been transacted.
- Despite this high volume, SHIB continues to struggle with a persistent downward trend.
An in-depth look at Shiba Inu’s current market challenges and insights into its future trends.
Shiba Inu’s Battle with Downward Trends
Shiba Inu (SHIB) has been confined within a descending channel, as observed on the SHIB/USDT daily chart. The cryptocurrency faces significant resistance, preventing it from breaking through key levels. The continuous selling pressure is evident, with SHIB trading below its 200, 100, and 50 EMAs, reinforcing the bearish sentiment. The persistent formation of lower highs and lower lows indicates a sustained downtrend, pushing back against any attempts to reverse this negative pattern.
Analyzing On-Chain Data
On-chain data provides further insight into SHIB’s predicament. Over the past week, SHIB transactions have amounted to $184 million, highlighting substantial asset movement. However, despite the high transaction volume, bearish signals dominate, suggesting overall negative market sentiment. The descending channel, invalidated by a sharp price drop, underscores the challenges SHIB faces. Current technical indicators and on-chain data paint a bleak picture for SHIB, which is struggling to achieve a meaningful recovery amidst a broader market downturn.
Conclusion
In summary, Shiba Inu is entrenched in a downward trend that is compounded by overwhelming selling pressure and significant resistance levels. Despite high transaction volumes, SHIB shows no signs of reversing its course, as evidenced by technical and on-chain data. Stakeholders should brace for continued market turbulence and manage their expectations accordingly.
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