Shiba Inu (SHIB) reached an eight-month high, leading to many tokens being "in the money", pushing holders to secure their profits. This shift in market sentiment is visible as significant sell-off activities occur.
IntoTheBlock’s indicator reveals that a massive 829 trillion coins are profitable, while 82.39 trillion are at a loss, reflecting a substantial portion of coin holders' intent on capitalizing on gains.
Indicators like the Chaikin Money Flow (CMF) and Moving Average Convergence Divergence (MACD) hint at bearish trends as they show weakened buying momentum. The CMF decline implies diminishing conviction in further uptrends.
The MACD further substantiates a bearish outlook, with the MACD and signal lines configuration indicating rising selling pressure, suggesting an ongoing potential price decline.
Price predictions indicate a further decline to $0.000020 unless buying pressure resurges, and profit-taking wanes, which could lift the price back to $0.000030.
