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Despite the decline, the ‘Buying Pressure’ for Shiba Inus increases

Despite the decline, the 'Buying Pressure' for Shiba Inus increases

Even though the Shiba Inu is on a negative trend this month, investors continue to push the ‘buy’ button. For the second time in two weeks, SHIB has reached the 70% ‘buy’ threshold on Coinbase, beginning trade activity. Since March, SHIB ‘buying pressure’ has stayed around 70%, reaching a high of 77% in the last week of May. Shiba Inu ‘buy’ orders, on the other hand, decreased between 53 and 61 percent during the first week of June. This demonstrated that investor interest in the token’s trading is diminishing. Despite this, today is the first time since June that ‘buy’ orders have hit 70 percent of all orders.

Recently, the ‘buying pressure’ for Shiba Inu has increased, as 70% of investors have maintained a ‘buy’ rating while just 30% have maintained a’sell’ rating. In the last few days of September 2021, SHIB had its greatest ever ‘buying pressure,’ and the token increased 1,000 percent the next month, in October.

The typical ‘holding time’ for Shiba Inus has increased from 133 to 139 days. Consequently, investors hold their SHIB tokens for an average of more than four months.

This week, Shiba Inu was also featured on Robinhood’s ‘Bitstamp’ in Europe, allowing clients to exchange the dog-themed money.

Today, the crypto market turned green, with Bitcoin indices increasing by almost 5%. This resulted in the markets trading in the green, which was beneficial for investors. Nonetheless, as BTC is now in the red, the market is expected to decline once again. On the other hand, Shiba Inu is only up 1% today and is still attempting to remain in the black.

As a result of weak global economic indicators, the markets are adrift and may fall further. A number of financial gurus predict that Bitcoin will go below the $20,000 threshold. Since a consequence, it is prudent to take care while buying SHIB, as the token’s price may continue to decline in tandem with the market.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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