Fall warning: Shiba Inu could fall 20% even after appreciation

by Stephen Douglas
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Fall warning: Shiba Inu could fall % even after appreciation
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Fall warning: Shiba Inu could fall 20% even after appreciation
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Shiba Inu (SHIB) operates higher this Wednesday (15), having risen 3% in the last 24 hours, according to CoinGecko. However, it remains close to the support line of its current trading pattern and could suffer strong declines if it loses this price level.

The popular memecoin has been closing daily candles between the levels of US$0.000020 and US$0.000024 since December 19, 2024. Currently, the asset is heading towards its second consecutive day of increase, with the potential to advance in towards the resistance line of this consolidation pattern.

This movement would represent an appreciation of 12% in relation to the current price. However, if it loses the support zone, the Shiba Inu could face a significant drop of up to 20%. Which way will the price go?

Despite the recent increase, theOn-chain data reveals that sellers remain the dominant force in the Shiba Inu market. According to Coinglass, 54% of current orders involving the asset are sell. In total, sales transactions exceed purchase transactions by more than US$12 million.

Sellers continue to control Shiba Inu

Something similar has been happening in the futures markets, with the Long/Short Ratio showing that the proportion of SHIB short sales rose from 49% on Monday (11) to more than 56% the following day.

This shows that sellers are adding more and more selling pressure to memecoin, which could prevent its price from continuing to rise for the next few days.

To further worsen the situation, the Network Value to Transactions (NVT) Ratio of the Shiba Inu network has shown a constant increase. This indicator, which measures the relationship between the total value of a blockchain network and its transaction activity, it generally signals price corrections when it reaches high levels like the current ones.

Technical indicators on the 4-hour chart reinforce the on-chain outlook, suggesting that Shiba Inu’s current rally may be short-lived.

The cryptocurrency‘s price is close to the Bollinger Bands resistance line, where buyers have found it difficult to form candles above this barrier. If this pattern persists, the price of memecoin could retreat, retesting its support line.

Furthermore, ADX is below 20 and falling, which indicates that the bullish momentum is losing strength and should, if it continues at this pace, end soon.

Fall warning: Shiba Inu could fall 20% even after appreciation

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Fall warning: Shiba Inu could fall 20% even after appreciation

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Fall warning: Shiba Inu could fall 20% even after appreciation

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