Shiba INU bears appear to have again activated as the prices are falling apart for the past few hours. The price is experiencing extreme selling pressure due to which it has plunged by more than 6% in the past 24 hours and still counting. The RSI is heading south, the price rejected the crucial 50-day MA levels, and MACD displays an accumulated bearish volume while the cross-over is still distinct.
This may indicate the bearish trend may be continued for some more time which could drag the price lower to reach the support zone below $0.0000082. However, despite the bearish clouds prevailing over space, the current trade set-up appears to just trap the short traders as the price is closer to manifesting a notable upswing. But well before the bullish breakout, the price is closer to manifesting a notable pullback.
Supply on Exchanges Surge
The supply on exchanges denotes the percentage of the tokens stored in their wallets. This signifies the presence of liquidity in order to carry out the buy or sell trade. The supply has reached rock bottom levels which had created a liquidity crunch, and with an intensified demand, the price was set to inflate. However, the slight rise in the supply has eased the pressure mounting on the demand which may assist the bears to dominate over the crypto for some more time.
Whales Intensify Their Accumulation
Whales largely do not contribute towards the volatility of the asset which is much required for the price to rise. However, if the whales again start accumulating, it indicates the price may turn bullish in the near future but may remain under bearish captivity for now. As they usually accumulate the tokens in the bearish market.
Daily Active Address (DAA) Consolidates Around the Lows
The daily active address indicated the number of addresses interacting with the platform regardless of whether they want to carry out a buy trade, a sell trade, or just swap the tokens. An increase in the metrics indicates the high involvement and interest of the market participants over the network.
However, the DAA in the case of Shiba INU remains drowned, indicating the shift of focus of the market participants over the other assets. This may largely impact the price as the volatility may be slashed in the coming days.
MVRV-Z Score Heading Towards Lows
MVRV is an indicator that determines whether the asset is undervalued or overvalued, and Z-score enables you to compare the current price to its historical moving average price. It offers the fair value of the asset by comparing the market value with its realized value and determining if the prices are overvalued or undervalued. Presently, the values have declined to hover within the negative levels and hence indicating the price to be under a bearish influence.
Collectively, Shiba INU (SHIB) Price appears to remain under bearish pressure for an extended time frame, beyond which a suitable upswing may be framed. However, until then the short traders may place their bets and on liquidation, the SHIB price may be compelled to rebound and spike high.