In short
Shiba Inu is facing increased circulation and selling pressure, leading to its ongoing downtrend, with a price of $0.00001262.
The bearish MACD crossover indicates a shift in momentum, but the weakening of this indicator suggests potential volatility.
The support level at $0.00001252 is crucial; if it fails to hold, SHIB could drop to $0.00001182, while reclaiming the support level could lead to a rebound to $0.00001393.
Shiba Inu has seen significant price volatility recently, primarily influenced by broader market conditions and investor sentiment.
The price of meme coins has fallen into a downtrend, and signs of weakness have emerged in their value. Increased circulation and intensified selling pressure have exacerbated this trend, raising concerns among investors.
Shiba Inu is seeing bearish signals.
In recent days, Shiba Inu's circulation has increased significantly. The spike in circulation velocity is clear evidence, measuring the flow of SHIB tokens between different addresses. An increase in circulation usually indicates that holders are engaging in selling behavior while transferring assets.
Historically, spikes in circulation velocity often coincide with price declines, indicating that the current trend of Shiba Inu coin may experience a similar situation. The spike in circulation velocity reflects increasing uncertainty among investors, who may be reacting to the overall market downturn. As more tokens change hands, the selling pressure continues to increase, further driving down prices.
The macro momentum for Shiba Inu presents an overall bearish outlook, with the MACD currently showing a bearish crossover. This technical signal suggests that momentum is shifting bearish as selling pressure outweighs buying interest. However, the momentum of the bearish crossover seems to be rapidly waning, indicating that market volatility is high.
The rapidly changing momentum reflects the unpredictability of the current market. With the MACD indicator weakening, Shiba Inu's price may struggle to determine a clear direction, leaving investors uncertain about the next move for this altcoin. This volatility has intensified the overall risk for Shiba Inu in the short term.
SHIB price seeks support.
The price of Shiba Inu is currently $0.00001262, and they are trying to hold the support level of $0.00001252. However, given the rising circulation and overall bearish market conditions, maintaining this support level could be quite challenging for this meme coin. Continued selling pressure may hinder Shiba Inu's rapid rebound.
The parabolic SAR indicator confirms the current downtrend, suggesting that Shiba Inu coin will decline further. If the price fails to hold above $0.00001252, it could drop to $0.00001182, entering a consolidation phase. This could keep the altcoin within a bearish range, further discouraging potential investors.
