💥💥💥💥What’s next for SHIB?

In just three days, the price of SHIB has fallen by 28%, causing the meme coin to hit the critical support level of $0.00001368. Fortunately, it has risen by 2.66% in the last two hours and is now priced at 0.00001536.

We have observed that the number of large transactions on the SHIB network has also dropped significantly, with a specific drop of more than 53.3%. This data may suggest that the activity of large investors is decreasing, which may indicate a decrease in market volatility. However, it may also indicate that major market participants currently lack a clear directional bias, making SHIB more susceptible to broader market trends.

Despite the decline in SHIB prices, it is reassuring that according to data from IntoTheBlock, more than 61.63% of SHIB addresses are still in profit. This means that most investors are still holding unrealized gains, which may prevent panic selling to a certain extent as these investors have not yet faced any losses. But on the other hand, this also means that if market sentiment reverses, there may be large-scale profit-taking.

From a technical perspective, SHIB is currently at a critical decision point. Although the bullish flag pattern provides hope for a potential rebound, the sharp decline in large transaction activity and the fact that most addresses are still in profit have increased market uncertainty.

Therefore, all eyes in the market are on whether SHIB can consolidate its current support level. If it can achieve a reversal on this basis, it will undoubtedly fuel its bullish momentum and further verify the bullish flag pattern. However, once the price collapses, it may trigger a larger decline and may even test the next major support area. In such a market environment, investors undoubtedly need to remain highly vigilant and patient.

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