Shiba Inu (SHIB) is experiencing an all-time low profitability rate, with only 16.98% of addresses holding the cryptocurrency in profit. A significant portion of SHIB holders – 76.56% – are losing money due to the protracted downward trend.
The current price of SHIB has seen a slight increase of 2.46%, but overall, the market remains bearish. Recent drops below crucial support levels have heightened concerns about the asset’s recovery prospects.
Several indicators point to continued selling pressure, including lower moving averages and stagnant trading volume. A lack of buying momentum makes it unclear whether SHIB will recover without a significant surge in demand.
Support levels are critical for SHIB’s price stability. If it breaks through $0.00001600, the next crucial support level is at $0.00001400. The asset’s value is heavily influenced by large holders’ transactions, which may continue to decline, indicating ongoing weakness.
A weak cryptocurrency market further diminishes SHIB’s chances of recovery. It’s essential to remember that SHIB is a momentum-driven asset with limited fundamental growth, making any bullish scenarios uncertain without significant improvements in its underlying foundations.
Source: https://u.today/shiba-inu-shib-profitability-hits-ground