Nov 15, 2024

6thTrade

Shiba Inu (SHIB), the popular dog-themed memecoin has seen its rally hitting a roadblock after gaining 80% in November before correcting by over 20%. Now, SHIB is stuck in a consolidation phase, leaving many to wonder what comes next. In addition to this Shiba Inu whale recently moved a massive 4 trillion SHIB, worth $99 million, to an unknown address, sparking fears of a potential sell-off. 

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Shiba Inu’s Price Struggles

Looking at SHIB’s recent price chart, a candlestick pattern resembling a “spinning bottom” has emerged, signaling market hesitation. This pattern usually signals that the previous upward trend may not continue and that the market is looking for direction. 

SHIB is now trading closer to its support levels, which means it could face more declines if it falls below important levels like $0.00002100. If that happens, it could be tough for SHIB to regain its bullish momentum.

Despite this, some SHIB holders remain hopeful that the coin could stabilize and form a base for future growth. For that to happen, SHIB needs to break above the key resistance level of $0.00002350. If it does, it could spark more buying interest and push the price higher.

Shiba Inu Whale Move 4 Trillion SHIB 

In addition to this a massive whale transfer of  4 trillion SHIB, worth $99 million, to an unknown wallet was reported by Whale Alert. The tokens were transferred at an average price of $0.00002475.

What makes this even more intriguing is that the sending wallet is one of the largest SHIB holders, controlling over 7 trillion SHIB, nearly 1% of the total supply. Meanwhile, the receiving wallet, however, appears new, having only a few transactions. This big move has left many wondering if will this lead to a major sell-off.

What’s Next for Shiba Inu?

SHIB’s price has dropped by 24% from its recent high of $0.00003030 but is still up by 22% from earlier in the week. Currently, the coin is forming a descending triangle pattern, which could signal an upcoming breakout. 

If SHIB breaks upwards, it might head toward a new high, potentially above $0.000033. However, if the price falls below the key support level of $0.000023, it could drop further to $0.000020.