Shiba Inu Faces Increased Selling Pressure Amid Large Token Transfers and Bearish Market Signals
Main Idea
Shiba Inu (SHIB) is experiencing significant selling pressure due to large token transfers and a breakdown of key technical support levels, potentially leading to further price declines.
Key Points
1. Over 4.87 trillion SHIB tokens were moved in one day, indicating strong selling pressure.
2. SHIB price has fallen below the 50 EMA and is approaching critical support at $0.00001200.
3. On-chain data shows a seven-day average of SHIB transfers at 2.72, suggesting reduced holdings amid volatility.
4. The descending pattern on SHIB’s chart indicates a bearish market structure with speculative and fundamental pressures.
5. A near-term recovery appears unlikely without significant market stabilization or reversal indicators.
Description
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