Bearish trends overwhelm bullish hopes for Shiba Inu investors

According to IntoTheBlock, the number of Shiba Inu (SHIB) sold exceeded the number of purchases by 37.11 billion, bringing the overall sales value in the last 24 hours to 1 trillion SHIB.

Shiba Inu has been under seller pressure since Tuesday, and the difference between sales and purchases of the token is already 229.7 billion SHIB.


SHIB/USD 4-hour chart | Source: TradingView

Nonetheless, while the number of bears on Shiba Inu is increasing, it remains lower than the number of bulls during the week. So, since the beginning of April, 126 addresses have predicted an increase in the price of SHIB, while 116 have predicted a decrease.

Given that IntoTheBlock only considers addresses that trade at least 1% of the total daily token volume, a tenfold difference is pretty substantial.

On the Shiba Inu price chart, the shift in the initiative from bulls to bears is also readily obvious. SHIB’s price declined 6.5% from its peak at the start of the week by the conclusion of the week, sinking below $0.000011 once more.

In the larger picture, SHIB, like the rest of the crypto market, continues to float in the middle of the price range with no clear direction. The Fed’s Open Market Committee meeting next week is expected to break the volatility silent.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like