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Shiba Inu is facing resistance at the 50 day EMA, signaling a potential bearish continuation in the future.
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Shiba Inu market sentiment is more bearish as large holder outflows have increased by 53%.
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Shiba Inu is struggling despite recent recovery as bears dominate market sentiment.
Shiba Inu’s (SHIB), despite a recent price increase, is still showing signs of a bearish pressure. The meme coin has seen a 6.87% rise in the last week but is now facing serious resistance. On the daily chart it is clear that SHIB is in a downward channel.
Shiba Inu is currently trading at $0.00001431, a decrease of 3.26% over the last 24 hours. This follows a drop of 6.70% in the past two days. The coin is struggling against the 50-day exponentially moving average (EMA), a level of resistance. The evening star pattern near this EMA indicates higher price rejection and a potential bear-cycle.
Shiba Inu is consolidating in the short-term between the 20-day EMA and the 50-day EMA. The price action on the 1-hour chart shows a pullback, with SHIB’s price tracing below the 50% Fibonacci level. The next support levels can be found at $0.000014 (38.20% Fibonacci) and $0.00001289 (23.60% Fibonacci).
IntoTheBlock data shows that SHIB whales have a volatile stance. Inflows of large holders have increased by 15% over the last seven days. However, outflows are even higher, which indicates a more bearish sentiment. Outflows increased by 53% in the past week, and 1,699% in the last 30 days.
As the bearish pressure increases, the next important support level for SHIB is around $0.00001266, which corresponds to the base level of the daily chart. Resistance levels are $0.00001603 ($61.80% Fibonacci level) and $0.00001763, which correspond to the Fibonacci levels of 78.60% and 61.80% respectively.
Shiba Inu’s current price movement suggests a challenging environment. Large holders are dumping their coins in greater numbers and there is resistance at key levels. Traders and investors are encouraged to monitor these levels as SHIB navigates this phase.
The market cap dropped by 3.25%, to $8.42 Billion, but the trading volume jumped by 20.75% and reached $246.61 Million. This volume surge combined with the price drop indicates strong selling pressure for Shiba Inu. These numbers highlight the persistent negative sentiment surrounding Shiba inu, overshadowing recent gains.
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