Shiba Inu (SHIB) failed to breakout, out of weak market🚀🚀🚀

Shiba Inu encountered strong resistance, failed to break through the 50 EMA resistance level, and retreated below, and may lose momentum and fall to previous price levels.

Technical analysis shows that SHIB is struggling to maintain upward momentum. Price action indicates that it failed to break through the 50 EMA, resulting in a retracement and pulling SHIB back below this key resistance level.

This resistance may lead to further declines, and SHIB may move towards the $0.000024 support level. If this support fails to hold, the next target may be around $0.000022, which is another important support area.

On-chain data also added to concerns. There has been a surge in the number of large transactions in the past 24 hours, with 378 large transactions recorded.

The increase in large transactions may be a sign of a surge in activity among whales, but it also increases the possibility of huge selling pressure.

The total amount of large transactions reached 8.97 trillion SHIB, close to the seven-day high of 9.6 trillion SHIB.

In addition, the network value to transaction volume (NVT) ratio has fallen by 22.70% in the last 24 hours, indicating that the market value is declining relative to the transaction volume.

The decline in the NVT ratio may mean a weakening of market sentiment, and investors may lose confidence in SHIB's short-term performance.

Shiba Inu's recent failure to break through the 50 EMA resistance level and the subsequent retracement may fall towards the key support level, while on-chain data shows an increase in large transaction activity and a decline in the NVT ratio, indicating that the market is heading towards weakness.

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