๐ฅ Shiba Inu Faces Short-Term Selling Pressure After Recent Gains โ Whatโs Next? ๐๐ฐ
Shiba Inu (SHIB) has seen significant action lately, breaking out of a triangle pattern after 75 days. The recent market rally saw SHIB soar by 8%, breaching the $0.000014 resistance level, setting the stage for a potential 7-8% gain! ๐
However, on-chain metrics hint at some short-term bearish sentiment. ๐ Daily active addresses have declined, and network growth is slowing. The MVRV ratio is positive but could lead to a price correction similar to the 12% drop we saw in late August. Meanwhile, mean coin age continues to decrease, signaling distribution across the network.
Despite these signs of selling pressure, bullish sentiment persists as Open Interest rises alongside price. ๐ฅ The funding rate has cooled, though, suggesting the market could be rebalancing.
Stay cautious, as SHIB might face some turbulence in the short term! ๐