CandleFocus Shiba Inu Price on Verge Amid 800 Billion SHIB Whale Sell-Off
2024-10-31
Author: Content Editor
The popular meme-inspired cryptocurrency Shiba Inu (SHIB) is showing signs of a potential fall for two reasons. Firstly, the price of SHIB has dropped by 3.57% and fallen below the important 200-day moving average on the daily price chart. Additionally, the token has failed to break above the 50-day moving average on the hourly chart, despite multiple attempts. If sellers continue to dominate, SHIB's price may drop further. Moreover, large holders of SHIB have been selling their holdings, as indicated by a negative net flow of around 810 billion SHIB in the past 48 hours. This selling may be due to the uncertain market dynamics and the preference for selling at strong resistance levels rather than hoping for a breakout.
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