Recent price movements and on-chain metrics indicate significant activity within the Shiba Inu ecosystem. Over 1.2 trillion SHIB tokens were exchanged in a single day, reflecting ongoing challenges in breaking resistance levels and the overall bearish sentiment.
Points
- 1.2 trillion SHIB tokens exchanged within 24 hours.
- SHIB trapped in a descending channel, struggling against resistance.
- Continuous selling pressure highlighted by EMAs.
- $184 million worth of transactions in the last week, but sentiment remains bearish.
- High transaction volume fails to counteract the downward price trend.
Shiba Inu （SHIB） is experiencing turbulent times, as evidenced by significant price movements and on-chain metrics. Within the past 24 hours, over 1.2 trillion SHIB tokens have been exchanged. Despite this high transaction volume, the asset remains entrenched in a downward trend, struggling to gain the support needed to overcome resistance levels.
Analyzing the SHIBUSDT daily chart reveals that SHIB is confined within a descending channel, indicative of its ongoing bearish trend. The 200, 100, and 50 Exponential Moving Averages （EMAs） all reflect persistent selling pressure, reinforcing the bearish outlook. SHIB’s price is currently below these significant moving averages, and it continues to form lower highs and lower lows, classic signs of a downtrend.
The on-chain data provides further insight into the current state of SHIB. Over the past week, transactions worth $184 million have taken place, highlighting substantial movement within the asset. However, the general sentiment remains bearish, as indicated by various on-chain signals.
Technical indicators paint a grim picture for Shiba Inu. Despite the high volume of transactions, the asset’s price is under constant pressure to decline. The descending channel that SHIB entered weeks ago was invalidated by a significant price drop below its lower border. This substantial retrace has dimmed the prospects of a substantial recovery, especially given the broader retrace in the cryptocurrency market.
Unfortunately, the outlook for Shiba Inu remains bleak. The persistent bearish sentiment and continuous selling pressure suggest that a significant recovery is unlikely in the near term. The asset’s price is expected to continue its downward trajectory unless there is a substantial shift in market conditions or sentiment.
解説
- Shiba Inu’s current situation highlights the challenges faced by cryptocurrencies in maintaining upward momentum amid broader market downturns.
- The persistent selling pressure and failure to break resistance levels underscore the importance of strong technical and fundamental support for asset recovery.
- High transaction volumes alone are insufficient to drive price recovery without a corresponding positive sentiment and support.
- The bearish outlook for SHIB reflects the broader challenges within the cryptocurrency market, emphasizing the need for robust analysis and risk management for investors.
- Understanding on-chain metrics and technical indicators can provide valuable insights into market trends and potential future movements.