Shiba Inu Price Faces Bearish Trend: Key Support Level Broken

Shiba Inu Price: Is SHIB’s Bullish Momentum Over?

Shiba Inu Price– Shiba Inu (SHIB) has recently experienced a significant decline, breaking below an important support level, signaling a shift in market sentiment. Currently, SHIB is trading below the 100 EMA and approaching the critical 200 EMA, which indicates a potential further downward trend. Over the past day, SHIB has dropped by -1.70%, with its price settling at around $0.00002142. This decline suggests that the cryptocurrency may struggle to maintain its recent bullish momentum, indicating bearish pressure in the market.

On-Chain Data Reflects Large Holder Activity

On-chain metrics reveal that large SHIB holders are showing signs of selling off. Addresses holding between $1 million and $10 million worth of SHIB have experienced a -10.17% drop, while those with holdings exceeding $10 million have seen an even sharper decline of -28%. These outflows raise concerns as large holders typically influence market sentiment and contribute to price stability. The reduction in holdings indicates that these investors might be taking profits or adjusting their outlook on SHIB’s short-term performance.

Smaller Investors Show Inconsistent Activity

On the other hand, smaller investors have displayed more inconsistent behavior. There has been a 20% increase in wallets holding between $1 and $10 worth of SHIB, suggesting some minor interest from casual investors. However, these smaller inflows are unlikely to counterbalance the substantial sell-offs by larger market players.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.