Shiba Inu has encountered market uncertainty in February, with no significant moving average (MA) crossovers occurring on major timeframes. Typically, Shiba Inu experiences several interactions between the 200-period and 50-period MAs, but none have been observed 11 days into the month. This absence of a golden or death cross highlights the prevailing uncertainty in the crypto market.
The meme coin is on track for its fourth consecutive downtrend day, contributing to an overall 12% decline over the past week and a 14% year-to-date drop. The broader crypto market has also seen a downturn, with the total market cap falling from over $3 trillion to $2.34 trillion, driven by whale sell-offs and reduced capital inflows. The Fear and Greed Index has plummeted to 10, indicating extreme fear among investors.
Despite Shiba Inu's price dipping below $0.0000060, key MA trend indicators remain inactive, with no major bounces since February. Data from Coinglass shows a negative trend in futures flows, with outflows surpassing inflows, reflecting a decrease in market risk appetite. Open interest has also declined, dropping from $74.4 million on February 1 to $66.2 million recently.
Shiba Inu Faces Market Uncertainty Amid Lack of MA Crossovers
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