Shiba Inu Faces Market Challenges: $13.5 Million in Realized Losses Amidst Sharp Sell-Off
beincrypto.com 30 August 2024 12:21, UTC Since the beginning of the month, Shiba Inu’s (SHIB) price has struggled to close above the resistance of $0.00001462.
The worsening market conditions result in investors taking uncalculated risks and causing losses.
Shiba Inu Investors Sell
Shiba Inu’s price’s efforts in escaping the bearishness could be met with some challenges. In the past 24 hours, a combination of greed and panic triggered a surge of sudden selling. This selling resulted in significant losses, with the investors’ Realized Loss indicator reaching over $13.5 million.
This marked the largest figure for the month of August and the highest since early July. The sharp sell-off was due to SHIB rising by a little over 1.5% in a day. It indicates that the actions taken were impulsive rather than well-considered.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
The substantial realized losses reflect a broader sense of urgency and fear among investors, highlighting how quickly market sentiment can shift. Such dramatic movements are often driven by emotional reactions rather than strategic planning.
However, regardless of the recent selling pressure, Shiba Inu price’s overall macro momentum remains deeply bearish. This bearish sentiment is confirmed by the Relative Strength Index (RSI), which has stayed below the neutral mark since early June, signaling ongoing weakness in the market.
The RSI’s prolonged stay under the neutral threshold suggests that Shiba Inu (SHIB) is struggling to gain positive traction. This continued bearish momentum suggests recovery for SHIB may face significant challenges.
SHIB Price Prediction: Not Keeping Pace
Despite some of the top cryptocurrencies registering a semblance of recovery, Shiba Inu’s price remains disappointing. The meme coin has managed to breach the resistance of $0.00001462 only once in the last four weeks.
Shiba Inu will likely remain below this barrier for the foreseeable future. This resistance, along with the support of $0.00001281, has already formed the consolidation zone for SHIB. The altcoin could continue to bounce within these limits.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
If, however, the broader market’s bullishness rubs off on the meme coin and the winds change, SHIB could breach $0.00001462. Such a scenario would allow Shiba Inu’s price to tag $0.00001699, invalidating the bearish thesis.
