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Shiba Inu Faces Declining Demand — Is SHIB Headed for a Deeper Drop?
- 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.
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