Here’s why Shiba Ina is the price of the edge more missing

Shiba Inu, popular Meme based in Ethereum, fell on a critical level of support, because the wider cryptocurrency market remains under pressure.

Shiba Inu (Shib) The price has been recently at $ 0.00199 on Wednesday after trading from $ 0.00001145, the lowest level of 27. February and 65% of the lowest level this year.

This crash is due to the current performance of the crypto market as Bitcoin (Btc) And most Altcoins retreated.

Both Shibs base and technical indicators suggest further in the coming days. One key metric is the middle investment of dollars, which is accompanied by the average time that every dollar in crushing money remained sleepy in the network.

The chart below shows that 365-a day and 90-day MDIA values ​​abruptly dropped in recent days. A picture of 90 days dropped from 66 to 46, while 365-day value dropped from 205. to 143. This indicates that coins are more common, a sign of increased distribution.

Additional information shows that the number of active addresses online and declined. The image fell to 3,350 of almost 20,000 in December last year.

In addition, the Shibarium network does not go well because its total value is locked in the network discarded From $ 6.4 million in December to only $ 1.91, much lower than the other newly launched chains like Sonic and Berachain.

Shiba Yunu Technical Analysis

The three-day chart shows that Shib refused from his December High 0.00003345 to 0.00001095 dollars, approaching its lowest level since February last year. He fell under the 50-day and 200-day movement of the average, which are on the edge of the formation of the Cross of Death.

The token also formed a double pattern to 0.00003345 USD, and the neckline at 0.00001090 $. The double load is considered one of the larger bear technical patterns.

As a result, Shib will probably continue the recording, with sellers who targeted a psychological level of $ 0.00,000. The pause below that level would open the door to further fall towards 0.000005830, the lowest swing since June 2023. This price is about 45% below current levels.