Shiba Inu has let us down once more. The meme currency has retraced below the pivotal 50 EMA resistance level and failed to break through it, perhaps losing momentum and falling back towards earlier price levels. As of right present, the chart indicates that SHIB is having problems.
According to the technical analysis, SHIB is having difficulty keeping up its upward speed. The price movement suggests that an effort to break above the 50 EMA was unsuccessful, leading to a retreat that has sent SHIB below this significant resistance level. This setback might cause SHIB to drop much lower, possibly reaching the $0.000024 support level. The next objective, which is another significant support region, may be around $0.000022 if this support fails to hold.
Concerns are exacerbated by on-chain data. With 378 big transactions registered in the previous 24 hours, the number of large transactions—defined as those surpassing $100,000—has recently increased. This surge in huge transactions may indicate that whale activity is reviving, but it also increases the likelihood of strong selling pressure. Nearing the seven-day high of 9.6 trillion SHIB, the overall amount of major transactions hit 8.97 trillion SHIB.
Furthermore, there has been a 22.70% decrease in the Network Value to Transaction (NVT) ratio during the past 24 hours, indicating a decline in the market value in relation to the amount of transactions. This drop in the NVT ratio may indicate a deterioration in investor confidence in SHIB’s near-term performance and a lowering of market sentiment.
The recent inability of Shiba Inu to breach the 50 EMA resistance level and the ensuing pullback point to possible issues for the meme currency. Technical analysis suggests that the market may be weakening, while on-chain data shows a rise in big transaction activity and a dropping NVT ratio, suggesting a likely collapse towards crucial support levels.
