Shiba Inu main coin (SHIB) saw a 4% price increase over the past 24 hours, reflecting the rise in the broader crypto market. However, this price rise could be short-lived as bearish sentiment continues to overshadow the meme coin.
On-chain and technical indicators suggest that the Shiba Inu price rally may reverse its trend once the general bullish pressure in the market weakens.
Shiba Inu posts exits as selling pressure mounts
Net outflows of The SHIB spot market have been observed, indicating that investors are increasingly choosing to sell their holdings. Today alone, $3.2 million left the meme coin spot market as holders dumped their coins. This marks the fourth consecutive day of outflows from the SHIB spot market, with a total of $13 million withdrawn.
When an asset experiences net outflows from its spot market, it means that more of the asset is sold or withdrawn than purchased or deposited. This indicates reduced demand or a lack of confidence among investors, which can lead to downward pressure on prices. As with SHIB, persistent outflows indicate bearish sentiment as investors prefer to lock in profits rather than hold on to their coins.
Notably, BeInCrypto’s assessment of SHIB’s on-chain performance confirmed the reduction of his detention time over the past week. According to IntoTheBlock, this figure has dropped by 48% in the last seven days.
An asset’s holding time measures the average length of time its tokens are held in wallets before being sold or transferred. When this metric falls, it indicates increased selling pressure among market participants. This scenario reflects the bearish sentiment towards the asset and contributes to the decline in its price.
SHIB Price Prediction: Can bulls defend the $0.000021 mark?
SHIB is currently trading at $0.000022, holding above support at $0.000021. However, as bearish pressure intensifies, SHIB could see a withdrawal at this level of support. If the bulls fail to defend it, the downtrend could accelerate, pushing SHIB price down to $0.000019.
Conversely, if market sentiment becomes positive, Shiba Inu price rise could continue towards $0.000026.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.