Shiba Inu, known for its abrupt volatility, has once again showcased uncertainty in the market. The large transaction volume has decreased by 50% over the last week.
Drop in Transaction Volume
The large transaction volume for Shiba Inu (SHIB) plummeted from six trillion to 3.65 trillion. Such a sharp drop is rare and typically leads to repercussions, with the asset's price beginning to show weakness.
Technical Analysis and Support Levels
According to analysis, SHIB attempted to recover the $0.000014 level but failed to overcome the 200-day exponential moving average, resulting in a nearly 2% price drop in one session. Currently, the asset is holding on at $0.000013, just above the short-term support level.
Potential Consequences for Price
If the decline continues, the price may drop back to $0.000012 and even $0.000011, erasing significant gains made in July. The evaporating volume indicates that major players are likely distributing their assets or waiting for a better market entry point.
The current situation with Shiba Inu raises concern among investors. The drop in trading volume may signal growing issues unless the asset can recover and establish above key levels.
