The probability of selling Shiba increased! what is the reason?

Shiba Inu (SHIB) experienced a price increase of around 3% over the past week, but it has underperformed compared to other major cryptocurrencies such as Bitcoin (BTC) and Solana (SOL).

SHIB’s future looks uncertain due to declining global interest in mimecoins due to rising tensions in the Middle East and Bitcoin’s growing dominance of the market.

In the meantime, several negative signals have appeared for SHIB. including a significant increase in the supply of Shiba in exchanges. SHIB reserves on exchanges hit a 60-day high of 170 trillion SHIB on October 17.

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This indicates the oversupply of this token. This may indicate that many SHIB investors are looking for short-term gains rather than holding SHIB for the long term.Additionally, with the recent increase in SHIB price, the number of daily transactions on the SHIB network has decreased. This lack of activity on the network is a bearish indicator that demand for SHIB tokens may decrease in the near future.

Based on such data, SHIB is unlikely to break the $0.000008 resistance level. Also, the value of incoming and outgoing addresses (GIOM) shows that 430,400 addresses have purchased 299.6 trillion SHIB at a minimum price of $0.000008.

However, if buyers can continue the bullish trend in the cryptocurrency market, the price of SHIB could approach $0.000010.On the other hand, if the price of SHIB falls below $0.00005, the bears can strengthen the bearish trend. However, 52,540 addresses had bought 19.3 trillion SHIB at a maximum price of $0.000007. SHIB’s price is likely to return to $0.00005 if they book early profits as predicted.

But if this support level holds, SHIB price could return to the $0.00007 range.