SHIB Price Plummets 15% as Shiba Inu Community Points Fingers at Culprit
Release: 2024/05/02 21:19 Reading: 333
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Shiba Inu (SHIB) experiences a 15% price drop in the last 24 hours.
On-chain data indicates short-term traders may have influenced the downturn.
Investor sentiment for SHIB suggests a focus on short-term gains.
Shiba Inu (SHIB) Faces Significant Price Drop Amid Short-Term Trader Activity
Short-Term Traders Impact SHIB Price
Shiba Inu (SHIB) has witnessed a notable price decline of nearly 15% within the past 24 hours, with the current value standing at $0.00002097, marking a 10.36% decrease. The recent downturn in SHIB's price has been attributed to the actions of short-term traders, as indicated by on-chain data.
Investor Sentiment and Market Dynamics
Analysis from IntoTheBlock's holding time of transacted coins indicator reveals that investors in SHIB are currently focused on short-term gains, with the holding time ranging between two weeks and one month. This shift in sentiment suggests a heightened level of market volatility and uncertainty surrounding SHIB's price trajectory. During the significant price drop on April 30, data showed that the average time held of coins transacted was one month, indicating increased activity from short-term traders who entered the market during Shiba Inu's previous rally in March.
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SHIB/USD Daily Chart, Courtesy: TradingView
Despite the influence of short-term traders, it is crucial to consider the broader market context. The overall cryptocurrency market, led by Bitcoin, has been experiencing significant losses, with Bitcoin recording a 9% decline and posting its worst monthly performance in April since late 2022. However, there is optimism for SHIB as it appears to be forming a bull flag pattern on the daily chart. Analysts suggest that a breakout from this pattern could lead to a price surge, potentially reaching highs of $0.000072323.
Conclusion
While short-term trader activity continues to impact SHIB's price, the formation of a bull flag pattern offers hope for a potential price rally. Investors should closely monitor market dynamics and broader cryptocurrency trends to make informed decisions regarding their SHIB holdings. src="/uploads/20240504/1714821090663617e235b1c.png">
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