Shiba Inu Attracts New Holders, But They Fail To Provide Enough Support

Shiba Inu Slides While The Number Of Holders Keeps Growing

According to the recent data from Etherscan, the number of Shiba Inu holders continues to increase. It has recently surpassed the 1 million mark and is getting closer to 1.1 million.

Meanwhile, Shiba Inu continues to move lower. The latest serious attempt to rebound happened back at the end of November, when Shiba Inu rallied after the coin got listed on Kraken.

Since then, Shiba Inu remained under constant pressure despite growing number of holders. This means that new holders have not bought enough SHIB to offset the selling pressure, which is bearish for Shiba Inu.

The recent comments from Bitstamp on Shiba Inu’s listing put additional pressure on the coin, although it looks that the main reason for the current downside move is a general rush out of riskier assets which is seen in the financial markets.

Shiba Inu Breached Key Support Level

Shiba Inu has recently managed to settle below the key support level at $0.000032 and moved into the $0.00002350 – $0.000032 range.

It remains to be seen whether Shiba Inu will be able to develop sufficient downside momentum to get to the test of the low end of this range at $0.00002350, but this move is possible as pressure on riskier assets is visible across various markets.

RSI for Shiba Inu remains in the moderate territory as its slide is gradual, so there is plenty of room to gain additional downside momentum. The nearest support level for Shiba Inu is located at $0.00002915. If Shiba Inu declines below this level, it will head towards the support at $0.000027. A move below the support at $0.000027 will push Shiba Inu towards the next support level at $0.00002350.

On the upside, Shiba Inu needs to get back above $0.000032 to have a chance to gain upside momentum. Such a move will push Shiba Inu out of the $0.00002350 – $0.000032 range and provide it with an opportunity to gain sustainable upside momentum.

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