After a sharp decline of 13% in the past day, Shiba Inu seems to have lost its recent momentum. Before this adjustment, a strong rebound had given investors hope for long-term gains. Nevertheless, the current situation indicates that market participants, especially whales, are increasingly reluctant to support SHIB at high levels. The sudden drop in buying pressure is reflected in the sharp decline in price, as major holders may have taken profits after a significant rise in SHIB. The substantial decrease in trading volume confirms this behavior and increases the likelihood that enthusiasm for driving prices up is waning. A bearish descending triangle usually signals further declines, and SHIB is currently consolidating.
As the large cryptocurrency market struggles to maintain bullish momentum, sentiment towards SHIB seems to be changing. Since altcoins like SHIB often mimic the behavior of market leaders, Bitcoin's recent decline has intensified investor concerns. SHIB must first stabilize above its recent support level of $0.00002300 to restore bullish momentum.
If this level cannot be maintained, the price may decline further, with $0.00002050 becoming the next key support level. SHIB needs a strong breakthrough at $0.00002700, which is currently an important resistance level, to regain its upward trend. In the short term, large holders or whales may continue to remain cautious and delay re-entering the market until more favorable conditions are established. The recent sell-off by these key participants indicates their doubts about whether SHIB can maintain its upward momentum. However, if SHIB finds support at critical levels and market sentiment improves, generally, whales may reinvest, thus driving the sector's growth again.