Shiba Inu (SHIB) is facing intense sell-side pressure after net inflows to exchanges surged to the highest level since July.
If SHIB fails to hold support at $0.000024, it could lead to a steep decline.The second-largest memecoin by market capitalization was still up by 10% over the past month, but weak buying activity has curtailed the uptrend.
However, the volume histogram bars have shortened, indicating reduced trading activity and a lack of adequate buying volumes to support an uptrend.The Money Flow Index stood at 43, indicating weak momentum. This indicator has also sloped downwards, which shows that more sellers are entering the market.
If traders are continually moving their tokens to exchanges, and there is inadequate demand to absorb the sell-side pressure, it could cause more dips for the meme coin.The In/Out of the Money Around Price metric shows that 43,080 addresses purchased SHIB at between $0.000024 and $0.000025.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shibarium TVL surges: Impact on Shiba Inu’s burn rate, SHIB’s priceShibarium surpasses 8M blocks, with TVL hitting $4.72M. Can these milestones drive Shiba Inu's sustained price growth?
Read more »
Analyzing Shiba Inu’s triangle price pattern: Breakout or breakdown next?SHIB was consolidating within a symmetrical triangle pattern, suggesting a period of indecision in the market. The chart indicated...
Read more »
Shiba Inu forms Golden Cross, but THESE challenges crop upShiba Inu (SHIB) faces a crucial test after a golden cross hints at bullish momentum but is overshadowed by a sharp price correction.
Read more »
Shiba Inu burn rate spikes 6,223%: Can SHIB break resistance for a rally now?SHIB has taken the spotlight with a dramatic 6,223% surge in its burn rate and an impressive price recovery.
Read more »
Shiba Inu’s network surges: Sustained growth or temporary hype?Shiba Inu has seen a surge in network growth and daily active addresses, but can the memecoin sustain its momentum?
Read more »
Shiba Inu’s 18% rise meets market caution – Is SHIB overheated?Shiba Inu [SHIB] has once again come in the limelight with its massive price hike, but there might be problems ahead.
Read more »