Shiba Inu cryptocurrency is facing significant challenges as 43% of its investors report losses. These figures underscore the asset's market issues.
Declining Investor Activity and Profitability
Recently, Shiba Inu is struggling to maintain investor confidence. A major factor in this decline is reduced activity among large investors. Over the past week, the number of significant transactions has decreased by 60.9%, indicating reduced participation from major players, who often drive substantial price movements. The reliance on a concentrated group of holders makes SHIB especially vulnerable to market fluctuations.
Key Support and Resistance Levels
SHIB's price has significantly declined and is trading near its 100-day Exponential Moving Average (EMA), a critical support zone. A breach of this level could lead to further declines, potentially testing the 200-day EMA. On the upside, the $0.000023 resistance level remains a crucial benchmark for potential recovery.
Network Growth and Community Engagement
A concerning trend for Shiba Inu is the slowdown in its network growth, with fewer new wallet activations observed. This suggests diminishing interest from new investors. Metrics from the Telegram community show reduced engagement, pointing to waning enthusiasm among existing supporters. Key price levels to monitor include the $0.000020 support and the $0.000023 resistance, which will likely play a significant role in the token's near-term trajectory.
For Shiba Inu to recover, it needs to improve investor activity, community engagement, and network expansion. Without these improvements, the asset's challenges may persist.
