Shiba Inu Faces Weak Demand as Price Trends Downward – BitRss

The demand for Shiba Inu (SHIB ($0.00)) remains weak as recent developments raise concerns about its market stability. An interesting event occurred when 151.61 billion SHIB coins were withdrawn from the Coinbase exchange. However, it remains uncertain whether this movement signifies accumulation in the market. Currently, daily price movements are still in a downward trend, while a change in market structure has been observed in the four-hour chart. The question that arises is whether this bullish signal can be sustained or if further losses are on the horizon.

Shiba Inu’s OBV at a Critical Level

The SHIB price has pulled back without surpassing the resistance level at $0.00002. The selling wave observed at the beginning of February has intensified pressure at this level. The next support level is identified at $0.00001288. However, the $0.000016 zone, which experienced consolidation in October 2024, could also serve as a strong demand area.