Welcome to Extreme Investor Network, where we provide unique insights and analysis on the latest trends in the stock market and trading world. Today, we’re diving into the Shiba Inu exchange order books to provide you with exclusive information that will help you make informed decisions.
Looking at the order books, we can see that SHIB traders have placed orders to sell over 5.9 trillion SHIB at an average price of $0.000017, creating a sell-wall worth over $100 million. On the other hand, prospective buyers have only placed orders for 3.4 trillion SHIB, indicating an excess market supply of about 2.5 trillion SHIB. This imbalance between supply and demand could put downward pressure on prices, as seen by the recent underperformance of SHIB compared to rival coins like PEPE, XRP, and BCH.
In terms of price forecast, Shiba Inu is currently trading at $0.000016696, with a slight 0.47% gain in the last 24 hours. The Parabolic SAR indicator suggests a bearish trend, highlighting the importance of the bulls holding the critical support level at $0.000015 to prevent further downside. The oversold condition indicated by the Commodity Channel Index (CCI) also points to a potential bounce if the support level is defended, but sustained bearish pressure could lead to further price declines.
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