Shiba Inu Faces Continued selling Pressure Amid Crypto Market Downturn
Shiba Inu (SHIB) is under pressure again. On Thursday, its price fell to $0.00001275, the lowest since May 9. This represents a 28% drop from its May peak.
Weak demand and investor exits have contributed to SHIB’s struggles. On-chain data reveals a negative network realized profit/loss (NPL) for months. A negative NPL means coins are sold at a loss, indicating bearish sentiment. Whale activity also shows a decline, with holdings dropping from 748 trillion in January to 718 trillion now. Exchange supply is rising, signaling increased selling.
Spot market volume for SHIB has also declined.In the past 24 hours, it recorded just $141.8 million, much lower than competitors like Dogecoin ($764 million) and Pepe ($1.08 billion).
Technical analysis shows SHIB peaked at $0.00001762 on may 11. It has since broken below key support levels, reinforcing a bearish outlook. The Relative Strength Index suggests further downside is absolutely possible. The next key support level is $0.000010. A move above the 200-day moving average at $0.00001570 is needed to change the bearish trend. Santiment data confirms this trend.
SHIB’s price action reflects the broader crypto market downturn. Investors should monitor key levels for potential shifts in sentiment.
