SHIB Falls Amid Crypto Market Collapse: More Pain Ahead?
On Monday, August 19, the Shiba Inu coin fell 3.65% to $0.00001263. This decline coincided with the general collapse of the cryptocurrency market, which saw Bitcoin and most altcoins lose value. However, the SHIB coin is exposed to significant risks that may cause it to decline in the near future. For instance, in recent months, the futures financing rate has fallen to negative 0.0074%, according to CoinGlass statistics.
Shiba Inu Exchange Supply Surges as Investor Confidence Wanes
According to more statistics, investors are selling their SHIB coins because of Monday’s spike in supply on exchanges. For the first time in more than two weeks, investors transferred tokens valued at more than $1.15 million. In light of these developments, Shiba Inu is showing indications of losing their appeal to whales and smart money investors. Since August 6, their holdings have stayed steady at 61.7 billion. This month, whale holdings have remained unchanged at 45 billion.
Shiba Inu Technical Analysis: Bearish Reversal Pattern Signals More Downside
The Shiba Inu price has stayed below the 50-day and 200-day EMAs, indicating that bears are in charge, according to the daily timeframe chart. A common bearish reversal pattern, the head-and-shoulders pattern, has also been produced by the price of SHIB. The neckline is at $0.00001027, while the shoulders on the right and left are at $0.00015. The MACD remains at zero, but the RSI has slipped below the neutral level at 50. The neckline at $0.00001027 will be the first target of the token’s anticipated bearish breakout. A decline below that threshold will indicate more declines.
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