Loss of 15% in 24 Hours: Shiba Inu (SHIB) How is it going?

Over the last 24 hours, Shiba Inu has seen a precipitous fall of 15%. Following a strong gain earlier in the week, when SHIB surged to $0.000033 before tumbling down to $0.000029, there has been a precipitous decline. Analysis of the price chart for SHIB showed that the stock has just emerged from a bullish pennant formation.

However, given the present drop, it is not apparent if this gain was sustainable or caused by overbought circumstances. A cooling-off phase is signaled by the RSI since SHIB has just climbed into overbought territory. Despite the decrease, most investors are still earning money, as 73% of SHIB holders are still in the money at the current price level according to on-chain statistics.

There has been a significant influx of transactions exceeding $100,000 with a value of $1.63 billion transferred in the previous seven days, suggesting that whales are actively involved. The $0.000027 range is an important support level for the future.

If SHIB stays at this level, it may lead to a resurgence in interest from both institutional and individual investors. If SHIB wants to keep going higher, it has to break past the $0.000033 and $0.000036 resistance levels.

In spite of the downturn, SHIB's network activity remains strong. With so many people hanging on for more than a year, it seems like people have faith in the asset's fundamentals. We can't ignore the possibility of more drops if selling pressure continues or the market overall worsens.

It is possible that the SHIB adjustment is an essential consolidation step. Investors should proceed with caution and closely monitor key levels, as the asset can potentially see another rise if support remains in place and market mood improves.


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