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With around 1,000,000,000 SHIB being sold on exchanges in the last 24 hours, Shiba Inu is certainly in a significant sell-off phase. The price has dropped significantly as a result of this enormous selling volume, as the most recent chart breakdown illustrates.
SHIB's selling activity spike
The current bearish trend and the abrupt increase in selling activity raise grave doubts about SHIB's near future. As of press time, the price has broken through significant support levels and fallen below the $0.000010 mark. The most recent sell-off has coincided with an increase in volume, which is frequently a crucial sign of capitulation.
The coin's minimal bullish momentum has been destroyed by this wave of panic selling, pushing the price closer to the $0.000009 threshold. Although it is unclear when the market will reach its bottom, the asset is getting close to oversold conditions, as indicated by the RSI (Relative Strength Index), currently at 34.47.
More losses imminent?
The death cross formation, in which the 50-day moving average crosses below the 200-day moving average, might negatively affect SHIB's price performance in upcoming weeks. This technical pattern, which suggests that the path of least resistance is downward, is usually linked to protracted bear markets.
The $0.000009 level is now critical because a breakdown below it could lead to additional losses and possibly push SHIB to even lower levels. Investors should prepare for potential prolonged downside action in the near future because there is no obvious support until much lower prices.
Shiba Inu may experience a period of low liquidity and increased volatility as selling picks up speed and weak hands keep leaving, making any recovery difficult. Until substantial buying volume reenters the market, investors should exercise caution and be ready for a potentially deeper price decline.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team