CandleFocus Shiba Inu (SHIB) Recent Gains Trigger More Sell-Offs
2024-09-10
Author: Content Editor
The recent price increase of Shiba Inu (SHIB) has led to market participants locking in profits, signaling a potential downturn for the meme coin. Short-term holders are preparing to sell over 4 trillion SHIB tokens, surpassing the number of tokens available for purchase on the top 20 exchanges. This could lead to price consolidation or a decline. In addition, SHIB's Realized Profit has reached its highest point in over a month, indicating potential selling pressure. On-chain analysis suggests that SHIB's price could face resistance at $0.000014, with a potential pushback towards $0.000010. However, if buying pressure increases significantly, the price could break above $0.000014 and potentially reach $0.000016.
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