Shiba Inu （SHIB） encounters significant resistance, facing bearish sentiment and increasing selling pressure, pushing the coin back into an earlier price range.
Points
- Rejection at key resistance levels
- Bearish sentiment and selling pressure
- Potential further declines in SHIB’s price
Shiba Inu （SHIB） has encountered a significant obstacle, facing rejection at a former support zone. This rejection has pushed the meme coin back into a price range established earlier this month. SHIB has dropped 20% from the $0.0000205 level, alarming investors and analysts with its diminishing momentum.
On-chain metrics reveal increased selling pressure, exacerbating the coin’s current struggles. The majority of market sentiment towards SHIB is currently bearish, with strong selling pressure observed on exchanges. This selling pressure may result from investors attempting to offset their losses, leading to increased volatility.
Large holders account for 73% of SHIB’s supply, and their selling could cause a volatility surge. SHIB’s correlation with Bitcoin is moderate to low （0.59）, suggesting that Bitcoin’s performance has a limited impact on SHIB’s price movements.
解説
- Key resistance: SHIB’s rejection at key resistance levels has pushed it back into a lower price range, signaling potential bearish trends.
- Bearish sentiment: Increased selling pressure and negative market sentiment suggest potential for further declines in SHIB’s price.
- Volatility risks: The high percentage of large holders contributes to potential volatility, requiring close monitoring for future price movements.