Shiba Inu Stock Forecast: Will Whales Sell Now That SHIB Has Broken Through Long-Term Support?
A little decline in the Shiba Inu price occurred today, sending the price down below a key support level that had stood strong during the consolidation.
Amidst a substantial decline, the price of SHIB has dropped 3.58% in the last 24 hours, reaching $0.00002.
Similar to other prominent cryptocurrencies like as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), SHIB has had a 14.00% weekly loss in a retreat.
A return of 176.69% is still respectable, especially when compared to the gains of other prominent cryptocurrencies, although SHIB has declined by 20.40% this month.
It seems that traders are quite active with the meme currency, as its 24-hour trading volume surged 43.80% to $258.85M.
Is the Whale Market Selling Shiba Inus After They Break Long-Term Support?
Following a drop in the wee hours of this morning, the Shiba Inu price seems to have broken its sideways momentum and is now heading downwards.
Technical analysis for predicting the Shiba Inu price. Written by Binance.
When SHIB dropped below the crucial support level of $0.00002048, which it had held for many days, this change happened. The price has been consolidating sideways till now because to this support level and strong resistance at $0.00002109.
A number of other indicators corroborate this change in trend, including the relative strength index (RSI), which has dropped from 55 to 10 in the last day. It seems that the market is seeing significant selling pressure, approaching oversold levels.
Furthermore, the orange 30-day moving average has begun to fall, suggesting that the short-term trend is heading in the direction of a downtrend.
Additionally, it is somewhat declining since it is lagging behind the blue 200-day moving average. This indicates that selling pressure has been ongoing and that greater drops may be on the horizon.
