Information from the on-chain data provider showed that SHIB’s exchange reserve has plummeted by 7% year-to-date. As of this writing, 147 trillion SHIB were held on exchange addresses.However, due to the general market decline witnessed in the past few weeks, there has been a surge in bearish activity in the SHIB market.
For example, the coin’s Awesome Oscillator has posted only red upward-facing bars since the 10th of March. This indicator measures an asset’s market trends and momentum.a decline in bullish momentum and that the short-term moving average is lower than the long-term moving average. Confirming the bearish trend, a reading from SHIB’s Moving Average Convergence Divergence indicator showed that the coin’s MACD line crossed below its signal line on the 14th of March.
A downward intersection of an asset’s MACD line with its signal line indicates a loss of bullish momentum and a potential increase in selling pressure.Further, the growth in bearish trend has led to a decline in demand for SHIB. AMBCrypto found that the coin’s Money Flow Index trended downward and was under 50 at the time of writing.Additionally, its Chaikin Money Flow , which measures the flow of money in and out of the SHIB market, was less than zero.
This indicated that market participants have exited their positions without opening new ones due to the rise in bearish sentiments.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »