On-chain metrics are trending bearish for the altcoin, as investors move more Shiba Inu (SHIB) to exchanges in the coming weeks, according to crypto analyst Selana.
SHIB on exchanges is increasing, is selling for altcoin coming?
cryptocoin.comAs you follow, the popular meme coin Shiba Inu (SHIB) suffered a 33% drop in price in February, hurting its investors. Investors began preparing for the sale after another 15% loss at the end of the first week of March worried them. At press time, SHIB was trading at $0.00001031, down 8.27% on a daily basis.
According to Glassnode, the amount of SHIB transferred to exchanges has increased steadily since mid-February. As of March 9, the share of tokens on exchanges has increased by approximately 1.1 trillion SHIB.
A warning indicator could be the increase in the amount of tokens in well-known crypto exchange wallets. Because this means that the number of tokens offered for sale may increase. Meanwhile, the recent drop in trading volumes is another concern for SHIB investors. The amount of SHIB traded on the Shiba Inu network fell from 11.7 trillion on February 2 to just under 240 billion on March 9.
The price of the native token often bounces back as blockchain transaction volumes drop. If Shiba Inu developers and partners fail to increase network activity and attract new demand, the altcoin price will likely trend downward in the coming weeks.
What’s in technical indicators for SHIB?
SHIB holders can continue to sell until the price drops to $0.00000955, or about 22% loss range, based on past buying and selling trends. If this does not continue, there could be more declines to the 35% loss line at $0.00000852, which is the key reversal mark below.
On the other hand, a Shiba Inu raise will likely struggle at $0.00001236, where many holders may choose to sell for a 7% profit. If they continue their breakout there, SHIB could move towards the 23% profit line at $0.00001434.
The cryptocurrency market has recently gone through a period of instability where many assets have seen huge price fluctuations. While the Shiba Inu’s recent recovery has been encouraging for investors, it’s important to remember that the cryptocurrency markets are subject to volatile and rapid changes.
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