New York, USA – Shiba Inu’s price is facing potential drawbacks despite a 103% increase in volume in the cryptocurrency market. Currently valued at $0.000024, SHIB has experienced a decline of over 4.8% in the past 24 hours. The combination of falling prices and rising volume suggests significant selling pressure, hinting at possible further drops in the cryptocurrency’s value.
Market data from Santiment indicates that exchange outflows from the Shiba Inu network have reached 510.97 million tokens, while exchange inflows were recorded at 1.69 billion tokens. This disparity suggests that more holders are willing to sell their SHIB tokens, potentially leading to a price drop to as low as $0.000020.
Despite speculations of a potential breakout fueled by large purchases from whales, analysis suggests that SHIB’s value may initially decline before any significant uptrend. Metrics such as the Network Value to Transaction (NVT) ratio indicate a bearish sentiment among investors, with the ratio standing at 91.56 at the time of analysis.
Further examination of the In/Out of the Money indicator reveals potential resistance levels for SHIB around $0.000025, with a large cluster of addresses holding positions at a loss. This scenario could deter a price rally as holders may opt to take profits, leading to a possible pullback in the token’s value.
Considering these indicators, SHIB could be vulnerable to a decline to $0.000022 under bearish conditions, with a further drop to $0.000020 not being out of the question. Traders are advised to monitor broader market trends, particularly the performance of Bitcoin, as a rebound in BTC’s price could potentially invalidate SHIB’s bearish outlook.
In light of these developments, stakeholders in the cryptocurrency market are advised to remain vigilant and consider potential market shifts that could impact Shiba Inu’s trajectory.