Disclaimer: The opinions expressed by our writers are their own and do not represent the opinions of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
While the asset struggles to maintain support at a critical level, Shiba Inu It is approaching a critical juncture. The 200 EMA is an important support area, with important implications for the future of the asset, as seen by SHIB hovering around it on the given price chart. if Gray If the pair is unable to maintain its position above this level, a significant decline could be on the horizon. SHIB has consistently shown weakness on the price chart, gradually falling towards lower support levels.
The 200 EMA, which is often seen as the last line of defense in an uptrend, is now in play. This is a risky scenario for Gray Because historically, breakouts below this level indicate the beginning of a bearish reversal. The current trading range, with the 50 EMA acting as a ceiling and resistance at $0.00002245, indicates a lack of interest from buyers. An additional level of concern is raised by checking the gauges on the chain.
A staggering 75.09% of SHIB holders currently have no funds, while only 11.38% do, according to a chart of active addresses by profitability. This discrepancy underscores the extent of pressure the asset is under as its holders deal with declining profitability. The high concentration of holders at the $0.000019 to $0.000023 range underscores how important this area is to maintain market stability.
Related to
Difficult situation for me Gray It is generated by a combination of technical weakness and bearish indicators on the chain. A wave of selling pressure may result if the asset is unable to maintain its position above the 200 EMA. The next support level may fall sharply. The $0.000022 level is one that investors should watch closely.
If SHIB recovers and gains momentum above this level, it may provide some relief. However, failure to maintain this crucial level may pave the way for a more significant correction in the coming days. SHIB's performance at this crucial stage of the year will likely determine its course for 2025.
Source link