CandleFocus Shiba Inu Price Tumbles 18% Amidst Crypto Market Downturn
2024-11-13
Author: Content Editor
The meme coin Shiba Inu (SHIB) has experienced an 18% drop in price in the last 24 hours, reflecting the overall downturn in the cryptocurrency market. On-chain and technical analysis suggest a weakening of bullish momentum and a growing bearish sentiment, indicating that SHIB's downtrend may continue. The declining open interest (OI) and Mean Dollar Invested Age (MDIA) both indicate increased selling pressure and bearish sentiment among investors. SHIB's price decline has brought it closer to its 20-day exponential moving average (EMA), which acts as a support level. If the price breaks below this level, further selling may occur, potentially pushing the price down to $0.000016. However, if the 20-day EMA holds as support, SHIB's price may attempt to reclaim $0.000028.
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