๐๐๐ Market Analyst Says #shibaInu Second Leg Coming with Likely 409% Surge to $0.000125
Shiba Inu ($SHIB ) finds itself amidst bearish pressure as investors show a preference for selling rather than accumulating, signaling potential further declines for the meme coin.
Current #marketsentiment is reflected in the formation of red candlesticks on SHIB's daily chart, indicating a lack of bullish activity among investors. Notably, the dominance of whale holders in the SHIB ecosystem has led to a slowdown in token accumulation.
Over the past two months, top whale addresses have withdrawn approximately 13 trillion SHIB, equivalent to around $328 million. This trend suggests that SHIB holders lack the motivation to accumulate the token, potentially hindering any recovery efforts supported by #whale ๐ณ๐ณ๐ณactivity.
Compounding the bearish outlook, retail investors appear hesitant to adopt an optimistic stance. Analysis of active addresses reveals that only about 21% of investors conducting transactions on the network are currently profiting. This trend suggests that many SHIB holders may be inclined to sell their holdings amid declining prices to mitigate losses, contributing to further downward pressure.
Looking ahead, Shiba Inu's price trajectory is expected to remain within a descending channel that has persisted for the past month and a half. Failure to breach the upper trend line reinforces this pattern, indicating a potential retest of the lower trend line as support. In this scenario, SHIB's price could target a drawdown to approximately $0.00002039.
However, a potential rebound could occur if SHIB manages to bounce off the support level at $0.00002268. Breaking above the upper trend line would invalidate the bearish outlook, potentially propelling Shiba Inu's price towards $0.00002835.
Source - beincrypto.com
