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(SHIB) struggles against the profit zone. Here's what that means
Table of Contents
Market reflections
Shiba Inu (SHIB) struggles against the profit zone. Here's what that means Shiba Inu (SHIB) struggles against the profit zone. Here's what that means
Table of Contents
SHIB stock holders are facing losses as resistance grows
Is there a possibility of an upward breakthrough?
Shiba Inu token faced difficulty in breaking a critical resistance level, encountering rejection before even testing the threshold. The recent price action indicates that the 26-day Exponential Moving Average still forms a major resistance, preventing further upward movement.
The 468 trillion SHIB level, which was previously a key profit zone for investors, has become a huge barrier. Previous on-chain data showed that many SHIB holders were witnessing gains at this level. However, the recent rejection indicates that buyers are unable to reclaim this area, reinforcing bearish pressure on the token.
This feeling is reinforced by the stunning decrease of 44431% in net flows of major shareholders registered this month, as they decreased from internal flows of 3.5 trillion shekels on February 7 to external flows of 792.81 billion shekels on February 8. Such external flows indicate that major shareholders are reducing their positions, contributing to the downward momentum.
SHIB stockholders are facing losses as resistance grows
According to the Global In and Out Index, many SHIB investors are currently holding losses. This indicates weak bullish sentiment, as traders fail to push prices beyond the resistance. In the absence of significant buying pressure, SHIB may struggle to regain lost ground, potentially leading to an extended consolidation period or further declines.
These technical indicators support bearish expectations. SHIB has repeatedly failed to penetrate above the key moving averages, especially the 26-period EMA. This continued rejection suggests that the bearish momentum is still dominant. If the token continues on this path, it may decline to $0.000015 or lower, especially if the current support at $0.000016 fails to hold.
Is there a possibility of an uptrend breach?
Despite these challenges, the breach above the 26-period moving average may change market sentiment, leading to renewed bullish interest. However, given the current market conditions, this scenario seems unlikely without an increase in demand. To regain its strength, it must reclaim key resistance levels and establish strong support.
Investors and traders must closely monitor the level of 468 trillion shillings, which has become a key resistance point. Successfully breaking through this barrier may ignite renewed momentum, while continued failure may reinforce bearish dominance.
The struggle of assets to regain their previous profitability confirms the continuous market volatility and investor caution. While many expect a possible rise, sustained upward momentum remains uncertain. In the absence of significant buying pressure, the token may continue to face downward pressure.
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