Shiba Inu (SHIB) is once again under significant pressure, manifesting in increased sales volumes in the market and a deteriorating technical background.
SHIB Transaction Volume and Market Situation
According to transaction data, more than 4.87 trillion SHIB tokens were transferred in a single day, marking one of the largest volumes for the month. This raises concerns about the token's future, as sharp fluctuations in transaction volumes often indicate significant holders are unloading assets.
Technical Level Analysis and Support
Market charts show that SHIB has decisively broken below the key 50 EMA level and is moving towards the 200 EMA. The price has approached important support levels around $0.00001200, a result of the short-term downtrend that has erased weeks of gains.
Prospects and Risks for Shiba Inu
With the price trading below the critical support of $0.00001200, SHIB risks falling to the $0.00001050 range. Ongoing selling pressure and the descending market structure from significant SHIB transfers suggest that the token faces significant challenges ahead.
Overall, the current situation surrounding Shiba Inu indicates substantial pressure, where high sales volumes and lack of support may lead to further price drops.
