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Shiba Inu's (SHIB) profitability rate is at an all-time low, with only 16.98% of addresses currently in the money. Most SHIB holders — 76.56% — are losing money, which is indicative of the asset's protracted downward trend. There are increasing worries about whether SHIB can bounce back or if more declines are in store as the asset comes under increasing strain.
The current price of SHIB is around $0.00001669 following a slight 2.46% increase. But even with this modest rebound, the overall trend is still firmly bearish. Concerns that the downtrend is far from over were heightened when the asset recently dropped below important support levels.
Consistent selling pressure is confirmed by the 50-day and 200-day moving averages, which both continue to point lower. Further evidence of a lack of buying momentum comes from the fact that SHIB's trading volume has not yet shown a notable increase. In the absence of a significant surge in demand, SHIB's recovery trajectory is still unclear. In order to avoid further capitulation, SHIB needs to keep its price above $0.00001600.
Yuri MolchanThe next crucial support if this level breaks is at $0.00001400. The price fluctuations of SHIB are mostly influenced by large holders. Whale transactions may continue to decline, which could indicate ongoing weakness. A major factor in meme coins is consumer enthusiasm. The likelihood of SHIB recovering will decrease if the overall cryptocurrency market continues to be weak.
Despite having a large community, SHIB's foundations are still lacking. Before considering any bullish scenarios, it is important to remember that SHIB is a momentum-driven asset, which rarely shows proper fundamental growth.
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