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Shiba Inu (SHIB) Bears Appear in Control of Price Action

Shiba Inu (SHIB) saw a 23% price decline in February, halting its promising 2023 start. After a short recovery in the middle of February, SHIB has returned to the bearish territory. It seems that holders are getting ready to sell in the next days.

A visual comparison of active deposits and withdrawals data, according to Santiment, reveals that more holders move their SHIB into exchanges than those who withdraw it. When deposits consistently outstrip withdrawals, the price of Shiba Inus tended to decrease in the past. The meme currency is probably going to have a sluggish March 2023 if SHIB holders keep adding tokens to exchange deposits in the coming days.

The ongoing reduction in network activity is another piece of on-chain evidence flashing a negative warning. The total number of newly formed SHIB addresses has continued to decline, ending February at 1,800 from a high of 6,000 on January 18. A crucial indicator that SHIB has not been luring new crypto market players in recent weeks is the declining trend in network expansion. SHIB has to discover fresh demand in March 2023 for the present negative price action to change.

The distribution of holders who purchased SHIB around the present levels might also be seen negatively in terms of price action. SHIB falls below its current support around $0.000010, the market might predict a further loss, according to the Global In/Out of Money Around Price (IOMAP) from IntoTheBlock. Around $0.000006, where 164,000 addresses purchased approximately 55 trillion SHIB, might be the next demand region.

The Shiba Inu price might rebound toward $0.000035 if it breaks over the barrier at $0.000017. With more than 99,000 addresses purchased for 468 trillion SHIB at an average cost of $0.000017, this may be easier said than done.

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