SHIB bears have the upper hand under the current market conditions.
Onchain data shows SHIB sell orders dominate by $17 million.
Technical indicators suggest a build-up to a potential SHIB rally.
On-chain data suggests a persistent bearish sentiment for Shiba Inu (SHIB), even after its recent rebound from the August 5th price crash. As observed on IntoTheBlock, there are roughly 5.43 trillion SHIB in sell orders versus 3.03 trillion SHIB in buy orders at an average price of $0.000014. That leaves a negative difference of 2.4 trillion SHIB, approximately $17 million.
SHIB’s recent rebound encountered resistance at $0.00001442, highlighting the significant selling pressure at that level. Notably, this bearish sentiment emerges after the flagship memecoin rallied impressively following a recent crypto market downturn. SHIB surged from a low of $0.00001079, gaining nearly 35% in three days to reignite bullish hopes within the memecoin’s community.
However, the newly discovered resistance and on-chain data are causing concern among SHIB bulls. They believe it would take a significant development to overcome the current sell pressure. Some even fear the shortfall in demand could lead to a further SHIB price decline if selling persists.
It’s not all doom and gloom for SHIB, however, as technical indicators hint at a potential price rally. Data from the Bollinger Band indicator and Shiba Inu’s Relative Strength Index suggest the memecoin is currently oversold, implying a possible bullish reversal in the near future.
According to analysts, SHIB needs to hold the $0.000013 support level to maintain bullish sentiment, while a break above $0.000015 would confirm a return of bullish momentum. They believe SHIB could rally to $0.000018 if the price successfully surpasses $0.000015, but a drop below $0.000013 could send the memecoin tumbling to $0.000012.
The post SHIB Bulls Needs $17 Million Inflow To Match The Bears appeared first on Coin Edition.
