Concerns Rise Over Shiba Inu's Exchange Reserves Surge

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

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Surge in Exchange Reserves: Shiba Inu (SHIB) reserves on exchanges have surged from 78.2 trillion in April 2024 to over 80.5 trillion in May, indicating potential sell pressure amidst weakening technical indicators.
Declining Price Trend: During the same period, the average price of SHIB dropped from $0.00000650 to $0.00000560, suggesting a shift in market sentiment towards pessimism, which could lead to further price declines.
Weak Technical Indicators: The relative strength index (RSI) for SHIB fell from 45 to 37, nearing oversold levels, indicating insufficient buying pressure and increased selling activity that may compromise critical support levels.
Impact of Market Sentiment: While some optimists believe SHIB could rebound within the $0.00000540 to $0.00000550 range, the ongoing trends suggest a heightened risk of sustained downward movement if current conditions persist.

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Technical Analysis for SHIB

Technical Sentiment Analysis for Shiba Inu (SHIB). As of , Shiba Inu (SHIB) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Shiba Inu (SHIB) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.00000505	0.00000527	0.00000547	0.00000569	0.00000589	0.00000611	0.00000631
Fibonacci	0.00000527	0.00000543	0.00000553	0.00000569	0.00000585	0.00000595	0.00000611

About SHIB

SHIB is a decentralized, community-led currency held by millions across the globe. Since its inception in late 2020, the Ethereum-based SHIB token has grown to become a worldwide phenomenon, and is now accepted as a form of payment at hundreds of locations, either directly or through third-party intermediaries.Shiba Inu coin was created anonymously in August 2020 under the pseudonym 'Ryoshi.' Ryoshi says about himself that he is a nobody and not important and that the efforts to unmask his identity, even if successful, would be underwhelming.This meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin.Since release SHIB now trades on the ecosystem's proprietary DEX, ShibaSwap.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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