Rising Outflows Threaten Shiba Inu’s Recent 4% Price Gain
Leading meme Coin Shiba Inu (SHIB) has gained 4% in price over the past 24 hours, reflecting gains in the broader crypto market. However, this price increase may be short-lived as bearish sentiment continues to grip the meme coin.
On-chain and technical indicators suggest that the rising Shiba Inu price trend may reverse once the bullish pressure on the overall market subsides.
Shiba Inu outflows record as selling pressure intensifies
net outflow from SHIB spot market Observed, this indicates that investors are increasingly choosing to sell their holdings. Today alone, $3.2 million in Meme coins have been removed from the spot market as holders dumped their coins. This marked the fourth consecutive day of outflows from the SHIB spot market, with a total withdrawal of $13 million.
When an asset experiences a net cash market outflow, it means that more assets are sold or withdrawn than purchased or deposited. This could indicate reduced demand or a lack of investor confidence, which could lead to downward pressure on prices. As with SHIB, continued outflows indicate bearish sentiment as investors prefer to lock in profits rather than hold onto the token.
Notably, BeInCrypto’s evaluation of SHIB’s on-chain performance confirms Hold time decreases This past week. According to IntoTheBlock, this number has dropped by 48% in the past seven days.
An asset’s holding time measures the average length of time its tokens are held in a wallet before being sold or transferred. When this indicator decreases, it indicates increased selling pressure from market participants. This situation reflects bearish sentiment towards the asset and causes its price to fall.
SHIB Price Prediction: Can Bulls Hold the $0.000021 Mark?
SHIB is currently trading at $0.000022, holding above the support at $0.000021. However, as bearish pressure intensified, SHIB may shrink to this support level. If the bulls fail to defend it, the downtrend may strengthen, pushing SHIB’s price down to $0.000019.
Conversely, if market sentiment turns positive, Shiba Inu price increases may continue Close to $0.000026.
Disclaimer
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