The Shiba Inu price has recently fallen to levels preceding the recent spike, despite the previously record-breaking figure. This raises questions about the asset's condition and market participants' actions.
Current State of Shiba Inu
Shiba Inu has almost completely erased the gains made a month ago, returning to pre-spike levels. Currently, SHIB is trading at around $0.00002217, indicating a loss of momentum and a breach of significant support levels.
Volume Analysis and Investor Behavior
An analysis of trading activity reveals a sharp spike in volumes accompanying the sell-off, suggesting that large holders took advantage of the recent spike to lock in profits. This supports rumors that early investors used the short-lived rally to sell off, leaving new market participants with falling prices.
Technical Analysis and Prospects
Technical indicators show SHIB falling below the 50 and 100 EMA, signifying possible trend reversals. The next crucial support level is around $0.0002047 near the 200 EMA. SHIB may face further decline if it fails to maintain this level. The future of Shiba Inu remains uncertain.
Profit-taking and waning retail investor interest continue to pressure Shiba Inu's price. Without new stimuli, the asset may face further challenges, leaving the community anxious for improvements.
