Shiba Inu (SHIB) faces declining demand as larger holders trim positions, leading to realized losses exceeding $200 million.
Price struggles below key resistance levels amidst bearish signals from weakening RSI and MACD indicators.
SHIB has dropped nearly 4.50% this week, reaching $0.00001166 on Friday, with selling pressure evident across larger indicators.
Major SHIB holders have reduced positions, contributing to negative sentiment and pulling the price down amid market caution related to geopolitical tensions.
Realized losses by SHIB holders surged significantly midweek, reflecting decreased confidence and increased liquidation among holders.
Technical indicators suggest continued weakness as SHIB struggles to break key resistance levels, with the RSI near oversold conditions and the MACD showing bearish signals.
The weekly chart highlights Shiba Inu's six consecutive weeks in the red since mid-May, with key levels showing bearish trends and limited upside potential.
Current trading places SHIB near daily support, with potential to drop below $0.000011 and target the next support level at $0.000010.
Despite discussions of approaching a support zone and possible sideways movement, clear indications of a rebound are lacking at present.
Resistance for SHIB stands at $0.000013 on the weekly chart, signaling the need to overcome previous barriers to shift selling momentum.