Shiba Inu Faces Potential Further Decline Amid Technical Rejection and Low Whale Activity
Main Idea
Shiba Inu (SHIB) faces potential further decline due to technical rejection at key resistance levels, low whale activity, and weak market sentiment, with possible support levels at $0.0000125 or $0.0000110.
Key Points
1. SHIB was rejected at the 200-day moving average resistance level around $0.0000145, signaling a shift in market sentiment.
2. Whale inactivity and subdued trading volume indicate a lack of fresh capital inflows, contributing to SHIB's fragile market position.
3. Technical indicators like the RSI show diminishing buying pressure, suggesting limited short-term upside.
4. A large volume of underwater SHIB tokens (789.98 trillion) may exert additional selling pressure on any rebound attempt.
5. Key support levels to watch are $0.0000133, $0.0000125, and $0.0000110.
Description
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