Shiba Inu (SHIB) is experiencing a downturn as traders have cashed out $426 million in profits, marking the largest single-day selloff since February 2022. This significant profit-taking activity has exerted downward pressure on SHIB's price, which has fallen 10% in the past 24 hours. The selloff is reflected in SHIB's Relative Strength Index (RSI), which stands at 41.96, indicating rising selling pressure and potential further declines. The cryptocurrency is trading within a descending parallel channel, suggesting sustained selling pressure that could push its price down to $0.000018 unless accumulation efforts counteract the selloffs.
Additionally, SHIB's decline is in line with the broader crypto market trend, influenced by macroeconomic factors such as the strength of the USD and yields. The general lack of bullish momentum in the crypto market, particularly with Bitcoin's inability to break through significant resistance levels, has contributed to the bearish sentiment surrounding SHIB. The meme coin has also lost vital support levels due to massive whale outflows, further exacerbating its price decline.
Shiba Inu (SHIB) is currently priced at 0.0000, reflecting a 0.75% decrease from its previous close.