CandleFocus
Shiba Inu's (SHIB) Skyrocketing Invalidated: Here's How
2024-11-26
Author: Content Editor
Shiba Inu (SHIB) has seen a significant decline of 13% in the past day, losing its recent momentum. The drop in buying pressure and trading volume suggests that investors, especially large holders, are less willing to support the cryptocurrency at its high levels. Market sentiment is changing, possibly due to the overall difficulty for larger cryptocurrency markets to sustain their bullish momentum and Bitcoin's recent decline. SHIB needs to stabilize above its nearest support level at $0.00002300 to regain its bullish momentum. If this level is not maintained, the price may drop further with the next crucial support at $0.00002050. In the short term, large holders are likely to exercise caution and wait for more favorable conditions before reentering the market. However, if SHIB finds support at critical levels and market sentiment improves, whales might reinvest and provide a boost to the sector.
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