Why Is Shiba Inu Going Down and What Does It Mean for Investors

Shiba Inu's price drop can be attributed to a decline in investor interest and a decrease in trading volume. This is largely due to the fact that the cryptocurrency market has been experiencing a correction.

The Shiba Inu price has been affected by the overall market trend, which has seen a decline in the value of many cryptocurrencies. This is not unique to Shiba Inu, as many other cryptocurrencies have also experienced price drops.

Investors are becoming increasingly cautious and are re-evaluating their portfolios, leading to a decrease in demand for Shiba Inu. This is causing the price to drop as there are fewer buyers willing to purchase the cryptocurrency.

The current market sentiment is bearish, with many analysts predicting further price drops.

Worth a look: Shiba Inu Drop

The Shiba Inu's price drop can be attributed to several factors.

One reason is the decline in investor interest, which has led to a decrease in trading volume and market capitalization.

The cryptocurrency market's overall volatility has also played a role, with the Shiba Inu's price being heavily influenced by the fluctuations in the broader market.

Another factor is the lack of institutional investment, which has limited the Shiba Inu's liquidity and made it more susceptible to price swings.

The Shiba Inu's limited use cases and functionality have also contributed to its price drop, as investors seek out more practical and useful cryptocurrencies.

The increased competition from other meme coins has also led to a decrease in the Shiba Inu's price, as investors turn to other options.

The Shiba Inu's failure to meet its development milestones has also caused concern among investors, leading to a loss of trust and a subsequent price drop.

Here's an interesting read: Shiba Inu Graph 1 Year

Shiba Inu is facing significant downward pressure, with a 6.33% rise in derivatives volume in the past 24 hours coming from traders betting on further declines.

The long/short ratio has dropped to 0.9623, indicating a strong bearish sentiment. Shiba Inu has also recorded $742,450 in liquidations within this timeframe.

The cryptocurrency is trading underneath the pivotal 50-day EMA at $0.00002327, indicating prevalent short-term bearishness. Shiba Inu breached this EMA on April 13 and has remained below it since then.

A sell order exceeding the available market depth on Coinbase led to a 50% price drop, which is an unusual move. This anomaly highlights the importance of market depth in preventing such drastic price fluctuations.

Here are some key statistics on Shiba Inu's market pressure:

Shiba Inu's trading volume has also declined, falling 28% in the last day, which can adversely affect the cryptocurrency's price.

Shiba Inu prices briefly dropped 50% on Coinbase, a rare occurrence in the crypto market. This unusual move happened amid a volatile crypto trading session.

The drop is usually caused by a sell order exceeding the available market depth, or liquidity, at any given point on the exchange. SHIB has a market depth of $1.2 million on Coinbase.

For another approach, see: Where to Buy Shiba Inu Crypto

Spot SHIB volumes crossed $1.7 billion on Coinbase in the past 24 hours, the most among its counterparts. This highlights the exchange's significance in the crypto market.

The drop on Coinbase was an anomaly, as prices fell to an average of $0.000036 on other exchanges, such as Bybit and Kraken.

Shiba Inu is seeing downward pressure, with a 14% drop on the weekly chart and a 28% decline in daily trading volume.

The decline in trading volume suggests investors are losing interest in SHIB, which can negatively impact the cryptocurrency's price.

SHIB's price is on the verge of losing a major resistance level at $0.00003, a crucial price threshold that has been difficult for the coin to maintain.

If SHIB's price breaks below $0.00003, it may lead to a significant price reversal.

Currently, SHIB is trading within a symmetrical triangle, with a potential break above the upper trendline at $0.00003.

The 50-day EMA at $0.00002327 is a pivotal level for SHIB, and reclaiming it could give the bulls the strength they need to push the price up.

Despite a 6.33% rise in derivatives volume, most of this volume comes from traders betting on further declines.

SHIB has recorded $742,450 in liquidations within the last 24 hours, indicating a significant amount of selling pressure.