Shiba Inu hits new lows! The reversal is already happening!

Earlier this year, Shiba Inu Coin (SHIB) plunged 65% from its peak and has now hit new lows. Despite a brief rebound, the popular meme coin is still struggling. Analysis shows that the challenges facing SHIB are obvious.

The chart shows that the price of SHIB has steadily declined, recently falling to about $0.00001584. The downward trend of the 50, 100, and 200-day moving averages indicates that the bearish momentum continues. Most of the gains made by SHIB at its peak have been lost due to insufficient demand.

In terms of on-chain data, there have been 29 SHIB transactions in the past 24 hours, with a total value of 1.15 trillion SHIB. Although the transaction volume seems impressive, the seven-day high of 55 large transactions on July 25, 2024 and a low of 15 (recorded on July 28) indicate that the activity is not enough to stabilize the market.

On July 29, 2024, trading volume peaked at 1.95 trillion SHIB, but market sentiment remains cautious. Despite the high volume, the overall bearish trend has not reversed.

The situation is similar when looking at broader market indicators. As of now, only 48% of SHIB holders are profitable, 47% are losing money, and 5% are breaking even. This shows that SHIB investors face challenges. In addition, the concentration of large holders of 73% shows that a few key players hold a large amount of SHIB.

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