DeFi & NFT
By Maheen Hernandez
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Shiba Inu (SHIB) has been struggling to break out of a downtrend that has persisted for the past three months.
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Shiba Inu Sees Long-Term Holders Panicking
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Investor sentiment has taken a bearish turn, as evidenced by the rising Age Consumed metric.
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In the case of Shiba Inu, the increasing movement of coins held for extended periods suggests that investors are not confident in a short-term price recovery.
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The macro momentum of Shiba Inu is also showing signs of weakness. The MVRV Long/Short Difference indicator, which measures the profit levels of short-term holders (STHs) versus…
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With short-term holders more likely to liquidate their assets quickly, Shiba Inu faces increased risks of further price declines.
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Shiba Inu’s price is currently hovering around $0.00001276, just above the support level of $0.00001275.
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If the downtrend persists, SHIB could dip below $0.00001141, extending the current bear market.
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However, should Shiba Inu manage to rebound from the support level of $0.00001275, it could rise toward $0.00001462, clearing a significant resistance barrier.
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The short-term outlook for Shiba Inu is currently bearish, with long-term holders selling off their positions and the broader market sentiment remaining cautious.
The Currency Analytics
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