67 Trillion Shiba Inu (SHIB) Level About to Disappear
The post 67 Trillion Shiba Inu (SHIB) Level About to Disappear appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. On-chain data points to major ramifications for the asset’s future, placing Shiba Inu at a pivotal point. As the market continues to exhibit bearish tendencies, the enormous 67 trillion SHIB support level — which is strongly correlated with high transaction volumes and market stability — is in jeopardy. The daily chart shows that SHIB has been struggling to stay above important support levels. The asset has lost its hold on the 50 EMA, a crucial support level, and is currently trading close to $0.0000222. The 200 EMA, which usually acts as the last obstacle for bullish investors, is now dangerously close to where SHIB is trading. SHIB may erase a significant amount of the gains from its previous bullish run if it loses this level, which could signal an impending decline toward $0.0000204 or even lower. SHIB/USDT Chart by TradingView On-chain data contributes to the alarming story even more. Whale or institutional investors are not interested, as sharp decline in large transaction volumes show. Furthermore, according to profitability metrics, the majority of SHIB holders are currently out of the money, contributing to the downfall even more. Related As important support levels are broken, panic-selling may worsen, creating a cascade effect. There is still some hope for SHIB in spite of the bearish setup. Speculative buying may be…
Filed under: News - @ December 24, 2024 12:23 pm