Shiba Inu Coin Volume Drops $2.80 Billion: How About SHIB Price?
Year to date (YTD), Shiba Inu (SHIB) prices have risen by 150%, with trading volume amassing billions of dollars as new capital has flowed into the cryptocurrency at some point. However, between December 10 and the time of writing, Shiba Inucoin trading volume fell by $2.8 billion.
This drop is consistent with the 10% drop in the token’s price over the past seven days. Will SHIB experience a long-term decline as a result?
Interest in Shiba Inu plunges from last week’s highs
December 10, Shiba Inu coin volume to US$3.58 billion. The trading volume indicator tracks the total dollar value of all trades in a cryptocurrency over a given time frame.
Typically, an increase in volume indicates Investor interest continues to grow Asset and market liquidity increases. In most cases, this is bullish for price. Therefore, it’s no surprise that the surge in volume coincided with the meme coin’s rally to $0.000030.
However, as of this writing, trading volume has dropped to $708 million, indicating less investor interaction with the SHIB token. A sharp drop in volume is usually a bearish sign. Therefore, if the value continues to decline, the price of SHIB may fall below $0.000027 in the short term.
Additionally, data from IntoTheBlock shows a significant decline in SHIB’s token holding time, which tracks how long a cryptocurrency is held without being traded or sold.
An increase in this indicator indicates long-term holding, usually bullish symbol. Instead, the recent decline suggests that many short-term SHIB holders have started selling Get rid of their holdings. If this trend continues, it could put downward pressure on the token’s value.
SHIB Price Prediction: Bullish Signs Yet
From the last week of September to December 9, SHIB trading price Within the ascending channel. An ascending channel is a bullish chart pattern defined by two upward sloping trend lines, representing resistance at the top and support at the bottom.
When a coin breaks above the upper and lower trend lines, the value can rise. However, for SHIB, the daily chart shows that it has dropped below Lower trend line. This indicates that the bullish trend has expired and a correction may ensue.
If this is the case, the memecoin value could drop to $0.000022. In a highly bearish scenario, the price could reach $0.000018 as Shiba Inu Coin trading volume declines again. However, if buying pressure increases, things could change and the price could climb to $0.000033.
Disclaimer
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