The meme coin Shiba Inu (SHIB) has experienced a 4% increase in price in the past 24 hours, reflecting the overall positive trend in the cryptocurrency market. However, this price rally may be short-lived as bearish sentiment continues to affect the meme coin. On-chain and technical indicators suggest that the price rally of Shiba Inu could reverse once the overall market's bullish pressure weakens. Net outflows from SHIB's spot market have been observed, indicating that investors are increasingly choosing to sell their holdings. This persistent outflow signals reduced demand and a lack of confidence among investors, leading to downward price pressure. In addition, SHIB's holding time has declined by 48% in the past week, indicating increased selling pressure and contributing to its price decline. Currently trading at $0.000022, SHIB may see a drawdown to its support level at $0.000021. However, if market sentiment turns positive, the price rally of Shiba Inu could continue towards $0.000026.



Other News from Today