Shiba Inu (SHIB) 1,000,000,000 Sell-off Triggered, Price to Drop Even More?

With about 1,000,000,000 SHIB sold on the exchanges in the last 24 hours, Shiba Inu is certainly in a significant selling phase. The price has fallen significantly due to this huge volume of sales, as the most recent chart illustrates.

SHIB’s sales activity increases

The current bearish trend and sudden increase in sales activity raise serious doubts about SHIB’s near future. At press time, the price has broken through significant support levels and has fallen below the $0.000010 mark. The most recent selling coincided with an increase in volume, which is often a crucial sign of capitulation.

The coin’s minimal bullish momentum was destroyed by this wave of panic selling, pushing the price closer to the $0.000009 threshold. Although it is not clear when the market will reach its bottom, the asset is close to oversold conditions, as indicated by the RSI (Relative Strength Index), currently at 34.47.

More leaks looming?

The death cross formation, in which the 50-day moving average crosses below the 200-day moving average, could affect negatively. SHIBprice performance in the coming weeks. This technical pattern, which suggests that the path of least resistance is downward, is usually linked to prolonged bear markets.

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The $0.000009 level is now critical as a break below could lead to additional losses and possibly push SHIB to even lower levels. Investors should prepare for a potential prolonged action in the near future because there is no obvious support until much lower prices.

Shiba Inu may experience a period of low liquidity and increased volatility as selling picks up speed and weak hands continue to leave, making any recovery difficult. Until substantial buying volume returns to the market, investors should be cautious and be prepared for a potentially deeper price drop.