💥💥💥 Shiba Inu Price Analysis: $SHIB Faces $100M Sell-Off Despite $ETH Rally
Shiba Inu Bulls Retreat Toward $0.000016
Market Trends and Sentiment:
- Investor focus has shifted to mega-cap assets, leaving #Memecoins🤑🤑 like Shiba Inu (SHIB) struggling. Despite expectations for a boost from Donald Trump's appearance at the Bitcoin Nashville conference, recent trends show bearish traders dominating SHIB's short-term market momentum post-Ethereum ETF launch on July 22. This volatility has led to cautious trading towards Ethereum-hosted assets, including SHIB.
Bears Mount a $100 Million Sell-Wall:
- As of July 31, SHIB's price has dropped by 19.18% from its monthly peak of $0.000018 on July 22. Data from IntoTheBlock’s Exchange Order Books indicates a significant sell-wall, with traders placing sell orders for over 5.9 trillion SHIB at $0.000017, totaling over $100 million, while buy orders total only 3.4 trillion SHIB. This oversupply is exerting downward pressure on SHIB’s price. Additionally, top #Cryptocurrencies like $XRP , BCH, and ETH have outperformed SHIB, prompting traders to sell SHIB for better-performing assets.
SHIB Price Forecast: Bulls to Defend $0.000015 Support:
- SHIB's price has seen a 19% downtrend in July 2024. Despite a 58.90% rally in mid-July, it faced strong resistance at $0.00002151. The Donchian Channel indicates a tight trading range between $0.00002151 and $0.000015783, with SHIB currently around $0.000016. Immediate resistance is at $0.000017967, and breaking this could target $0.00002151. The RSI at 42.39 suggests bearish momentum with room for further decline before reaching oversold conditions. Key support is at $0.000015783, with a potential drop to $0.00001400 if this support fails.
Source - thecryptobasic.com
