Crypto Market Review: SHIB Buying Volume Drops to Zero, DOGE Seeks Relief Rally

The cryptocurrency market is experiencing some challenges, particularly in terms of buying volume. The Shiba Inu (SHIB) token has seen its buying volume drop to near zero, which could be a sign that investors are losing confidence in the asset.

According to recent data, exchange inflows for SHIB have surpassed 240 billion tokens, while exchange outflows reached 295 billion. This suggests that large holders may be preparing to sell rather than buy.

The lack of buying interest has led to a decline in SHIB's price, with the asset currently trading below its 50-, 100-, and 200-day moving averages. The rising wedge pattern that SHIB broke out of earlier this year has also failed to hold, leading to further selling pressure.

On the other hand, Dogecoin (DOGE) may be approaching a potential bottom after months of decline. Technical indicators suggest that DOGE is oversold and could experience a relief rally in the near future.