Shiba Inu (SHIB) Faces Intense Sell-Off Pressure, Is the Hype Finally Crumbling
- Shiba Inu (SHIB) is facing immense selling pressure
- Lag in catalysts for coins like SHIB can make it difficult for the coin to maintain traction
- If the present selling phase continues, there can be a deeper correction for Shiba Inu
Shiba Inu (SHIB), the once-strong meme coin, is now facing immense selling pressure. SHIB has built a strong community and social media spotlight. The recent price action shows a selling pressure building up for the coin. At press time, the coin is trading at $0.00001044 with a 2.38% decrease rate.
Also Read: Can Shiba Inu (SHIB ) Spark A New Rally to $0.00002 this October?
A Rough Time for Shiba Inu Investors
The blockchain data indicates that many whales have moved huge amounts of the coin to exchange networks. This can usually mean an intention of selling, which can result in a bearish momentum.
According to the data provided by TradingView, the coin is experiencing resistance (blue) $0.00001084, and this can boost up to $0.00001100 if the price goes beyond the level. The support line (yellow) of the coin is at $0.00001029, and the value can dip to $0.00001029 if it goes below the support level. The relative strength index (RSI) indicates that the coin is going through a selling phase.
Community Still Holding On, for Now
At the start of this year, SHIB experienced an upward momentum from developments like Shibarium and collaborations with cryptocurrency payment networks. Although there were all these events, there is no positive news regarding the coin. Lag in catalysts for coins like SHIB can make it difficult for the coin to maintain traction. This makes SHIB more prone bearish trend.
According to the TradingView charts, the moving average indicator the coin is going through a bearish momentum since the MA line is going above the candlesticks. The stochastic momentum index (SMI) also indicates that the coin is going through a bearish trend since the signal line (orange) is above the SMI line (blue).
Even though there has been a sell-off recently, the community is holding strong and resilient. 87% of the traders believe in a bullish scenario for the coin, and the rest 13% say that SHIB will go through a further bearish trend.
If the present selling phase continues, there can be a deeper correction for Shiba Inu. Traders are asked to monitor macroeconomic events, project developments, and overall cryptocurrency market scenarios before making any decisions.
