The Shiba Inu SHIB cryptocurrency is facing increasing volatility, with rising inflows of coins to exchanges, which heightens tension in an already fragile market. Approximately 90 billion SHIB has been transferred to exchanges in a short period, which may exacerbate selling pressures.
This development may not be merely a temporary fluctuation, but an indication of the potential increase in selling pressures, which may keep the price of SHIB declining in the coming days.
In addition, recent data indicates a concerning trend for SHIB holders, as the market experienced a massive net outflow of 137 billion SHIB yesterday, which erased the gains that the currency achieved in the days prior to this spike.
Increased pressure on the market
The situation of SHIB is exacerbated by the overall state of the cryptocurrency market, where investor appetite for digital assets has significantly decreased, with Ethereum losing critical support levels and Bitcoin trending downward. This decline in market sentiment reinforces the downward momentum in Shiba Inu, making it difficult for the currency to reverse its course.
On the other hand, the situation seems more precarious for SHIB holders, as the currency faces a tough test of support levels. The slight support range at 0.0000083–0.0000085 has failed to hold, leading to a sharp price drop, associated with an increase in trading volume, thus allowing sellers to dominate the market and push SHIB down.
It is worth noting that despite the apparent oversold condition in the Relative Strength Index (RSI), the absence of significant outflows means that the downward trend is likely to continue unless a radical shift in market dynamics occurs. With a large amount of SHIB concentrated on exchanges, it has become clear that the currency now poses liquidity risks.
Therefore, it can be said that the current situation highlights the difficulty that Shiba Inu faces in regaining momentum. SHIB continues to face downward pressure, until a significant change in flows and a reduction in volatility occurs, leaving investors facing a difficult and volatile market.
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