This month, the Shiba Inu is on a downward trend, but that isn’t deterring investors from pressing the ‘buy’ button. SHIB has achieved the 70% ‘buy’ barrier on Coinbase for the second time in two weeks, resuming trading activity. Since March, SHIB ‘buying pressure’ has remained below 70%, peaking at 77 percent in the last week of May. Orders for ‘purchase’ on Shiba Inu, on the other hand, fell during the first week of June and hovered between 53 and 61 percent. This showed that investor interest in trading the token is waning. Despite this, the ‘purchase’ orders reached a new high today, reaching 70% for the first time since June.
Shiba Inu’s ‘buying pressure’ has strengthened recently, as 70% of investors have kept it on ‘buy,’ while only 30% have kept it on’sell.’ SHIB experienced its strongest ever ‘buying pressure’ in the last few days of September 2021, and the token jumped 1,000 percent the following month in October.
Should you buy the dip?
Today, the crypto market turned green, with Bitcoin surging roughly 5% in the indices. This caused the markets to trade in the green, resulting in good earnings for investors. However, because BTC is presently in the red, the market is most likely to drop again. Shiba Inu, on the other hand, is barely up 1% today and is still trying to stay in the green.
Due to weak global economic indications, the markets are in shaky waters and may fall further. Bitcoin is expected to go below the $20,000 barrier, according to several financial analysts. Since a result, it is advisable to exercise caution when purchasing SHIB, as the token may continue to fall in unison with the market.
