CandleFocus

54 Trillion Shiba Inu (SHIB) Level About to Fall

Author: Content Editor
The article highlights the critical juncture that Shiba Inu (SHIB) is currently facing. SHIB is struggling to maintain support at the 200 EMA, which is seen as a crucial level with potential ramifications for the asset's future. If SHIB fails to hold above this level, a significant drop may be imminent. The article also points out that SHIB has been displaying weakness on the price chart, gradually declining towards lower support levels. Moreover, on-chain metrics indicate that a majority of SHIB holders are currently out of the money, adding further strain to the asset. The concentration of holders within a specific price range emphasizes the importance of maintaining market stability. The combination of technical weakness and bearish on-chain indicators creates a difficult situation for SHIB, and a wave of selling pressure could occur if it fails to sustain its position above the 200 EMA. The support level at $0.000022 is crucial, and its performance at this point will likely influence its trajectory for the future.

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