Shiba Inu SHIB Surge Ineffective: The Reasons Are As Follows
Shiba Inu Coin SHIB has dropped 13% in a single day, and it seems that the recent momentum is gone. It was performing quite well before, leading investors to believe they could make big profits in the future.
But now it appears that everyone, especially those big investors we call whales, are not too willing to continue supporting SHIB at high prices. With fewer buyers, the price plummets, possibly because those major shareholders have made enough money and want to withdraw.
Trading volume has also decreased, indicating that the upward momentum might be fading quickly. There's also something called a "bearish descending triangle," which usually suggests further declines.
Currently, the overall cryptocurrency market is not very optimistic, and people's feelings towards SHIB are changing. Smaller coins like SHIB often follow larger coins like Bitcoin. Bitcoin has dropped recently, causing panic among everyone. SHIB needs to stabilize and not fall below the price of $0.00002300 for it to have a chance to rise again.
If it can't stabilize, it may continue to fall, with the next price level to watch being $0.00002050. SHIB needs to break through the difficult barrier of $0.00002700 to recover its upward trend. Those whales may still be observing, waiting for a good opportunity to re-enter the market.
Their recent selling of SHIB may be due to uncertainty about whether it can continue to rise. However, if SHIB can stabilize at a certain price level, people's moods might improve, and the whales may return to invest again, causing SHIB to thrive.
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