25.7 Trillion SHIB Stuck As Bears Hit Shiba Inu Market

Shiba Inu has come under notable selling pressure as the broader cryptocurrency market experiences a pullback. Over the past seven days, SHIB has declined by approximately 6.59%, currently trading around $0.00001453. This decline mirrors a broader downturn across the digital asset space, largely driven by macroeconomic uncertainty and profit-taking following recent gains. Data from CoinGlass confirms that the market has recorded roughly $298 million in liquidations within the last day, reflecting heightened volatility and cautious sentiment among traders. The sell-off follows last week’s rally, where many investors opted to lock in profits, triggering downward momentum in several major tokens, including SHIB. Price Reversal Follows Recent Highs The decline in SHIB marks a shift from earlier bullish momentum seen at the start of the week. On May 12, Shiba Inu briefly reached a local high of $0.00001764 before retracing due to a general market cooldown. Since May 11, the asset has closed in the red on five out of the past six trading days, indicating sustained selling activity and weakened upward momentum. This downward trend has now brought SHIB to a key price level of $0.000014, where a significant concentration of tokens is currently being held by investors. 25.74 Trillion SHIB Held Between $0.000014 and $0.000015 According to blockchain analytics firm IntoTheBlock , approximately 25.74 trillion SHIB tokens are held by 34,170 addresses within the narrow price band between $0.000014 and $0.000015. This concentration of holdings has placed this range under scrutiny, as it represents a significant accumulation zone that could influence SHIB’s short-term price direction. The current market setup indicates uncertainty among participants. Technical indicators such as the Relative Strength Index (RSI) sitting at the neutral 50 level suggest a lack of clear momentum in either direction. This equilibrium reflects hesitation among both buyers and sellers, with market participants waiting for stronger signals before making decisions. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Implications for Investors Holding SHIB in This Range The large volume of SHIB held within the $0.000014 to $0.000015 range could lead to a pivotal outcome depending on how the market evolves in the coming days. Investors holding within this zone may be near break-even or experiencing unrealized losses. As such, the potential for these holders to exit their positions and minimize risk could introduce further downward pressure on the price. Conversely, if these addresses opt to maintain their positions in anticipation of a market recovery, this zone could act as a support level and provide temporary price stability. Much will depend on broader market sentiment and whether recent macroeconomic headwinds persist. As the cryptocurrency market navigates a period of consolidation and uncertainty, the token remains at a critical price juncture. The presence of 25.74 trillion SHIB in a tight price band highlights the importance of this level, both as a psychological threshold and a potential support area. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post 25.7 Trillion SHIB Stuck As Bears Hit Shiba Inu Market appeared first on Times Tabloid .

Source: TimesTabloid