Shiba Inu’s (SHIB) price continues to show a drawdown in response to rapidly developing bearish market conditions.
The surge in selling and declining confidence among SHIB holders will potentially catalyze the correction.
Shiba Inu Investors Lose Optimism
Shiba Inu’s price could decline in the coming days as SHIB holders continue to sell their holdings. The total supply on the exchange has noted a sharp uptick, bringing it to a six-month high.
In the last 48 hours, the wallets across all exchanges have risen by more than 4.66 trillion SHIB. This $103 million worth of supply has been sold off by investors looking to secure whatever gains they have accumulated. The selling could also have been the result of investors offsetting their losses.
This sentiment to prevent further losses has also been extended to some of the most secure investors. Long-term holders known for their resilience have been moving their assets.
In the last few days, multiple spikes have been noted in the age-consumed metric. This metric calculates the total days lost by multiplying the total supply moved with the total number of days it has been since the last move.
Spikes in the same hint at large amounts of supplies or very old coins moving, both of which are bearish for the asset.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
Thus, Shiba Inu’s price could be observed to be at a drawdown for these reasons.
SHIB Price Prediction: One Last Support
Shiba Inu’s price has already failed the breach of $0.00002584 and fallen out of the consolidation between this level and $0.00002267. The meme coin is now headed towards the critical support at $0.00002093, which has not been broken since April.
There is a chance of a drop below it, potentially sending SHIB to $0.00002000. This would mark a multi-month low for the asset.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
But if Shiba Inu’s price bounces back from $0.00002093, it could recover slightly. This would result in SHIB’s continuing consolidation, also invalidating the bearish thesis.
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