CandleFocus $660 Million SHIB Faces Profitability Struggles Amid Shiba Inu’s Rising Outflows
2024-12-02
Author: Content Editor
Shiba Inu has seen a significant uptrend in its price, resulting in a 24% gain over the past 24 hours. However, growing uncertainty among investors could impede its ability to continue this momentum. Approximately $660 million worth of SHIB tokens are on the verge of becoming profitable, but for this to happen, Shiba Inu needs to continue its upward trend. The market sentiment is mixed, with technical indicators showing cautionary signals. The decline in the Chaikin Money Flow suggests increased selling activity and stronger selling pressure on Shiba Inu. The coin experienced volatility, highlighting its unpredictability. Shiba Inu missed the opportunity to close above a resistance level, putting it at risk of declining further. However, if the broader cryptocurrency market remains bullish, Shiba Inu could break through resistance levels and challenge the current bearish outlook. Investors should monitor market trends to determine the coin's future momentum.
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