According to U.Today, the Shiba Inu (SHIB) token is experiencing a significant decrease in whale activity, as indicated by a 56.78% drop in large transaction volume in the past 24 hours, according to on-chain data from IntoTheBlock. This decrease in activity from large holders, or 'whales', is contributing to a period of uncertainty for the dog-themed cryptocurrency. The reasons for this decrease are not clear, but the broader volatility in the cryptocurrency market may have prompted whales to hold back.
What’s Next For SHIB Price?
Shiba Inu has been gradually declining below the critical support level at $0.000020 as sellers took the lead with strong selling dominance. As a result, buyers failed to defend the price above immediate Fib channels, resulting in a strong bearish pattern. As of writing, SHIB price trades at $0.0000192, declining over 8.2% in the last 24 hours.
A recovery above the $0.000020 level, followed by a breakthrough above the moving averages, would indicate a continued trading range. This scenario could prompt bulls to target the resistance at $0.000026 for the SHIB/USDT pair. A successful move above that level might send the price toward $0.00003.
Conversely, a bearish move below the moving averages would suggest continued bearish pressure. A strong close below $0.00001825 would signal a potential downtrend continuation towards the 78.6% Fibonacci retracement level at $0.000015. As the RSI levels hovers within the oversold region, SHIB price might soon
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