#SHIBI

Watch out! Shib price volatility – SHIB can reach these levels if…

SHIB is at an important price level, and the meme appears to be testing key support at $0.00001368. What does this mean? Recent price action and on-chain indicators may paint a mixed picture for SHIB’s short-term prospects. Therefore, it’s worth taking a look at where SHIB goes next.

SHIB has been consolidating in a bullish flag pattern since March 5. This technical formation often signals an upside breakout.

However, shib has fallen 28% in just three days to around $0.000014, which puts SHIB at a critical test of the lower support level of the flag.

The number of large transactions on the SHIB network has also recently dropped by more than 53.3%. This significant drop can be interpreted as a sign that whale activity may have cooled off.

The reduction in large investors could lead to lower volatility in the short term. However, it could also indicate a lack of strong directional momentum from major players, leaving SHIB more open to broader market trends.

Despite the aforementioned decline, data shows that 61.63% of SHIB addresses remain profitable. Most holders are still holding unrealized gains. This could provide some protection against panic selling, as many holders are not yet facing losses.

It also means that there is still potential room for profit-taking if market sentiment turns bearish.

The confluence of technical and on-chain indicators has SHIB in a state of indecision. The bullish flag pattern offers hope for a potential rebound. However, the sharp drop in whale activity and the large number of addresses that are still profitable indicate market uncertainty.

In the short term, all eyes will be on whether SHIB can hold the latest support level at 0.000013. A convincing reversal could strengthen bullish momentum and validate the flag pattern.

Alternatively, a break below could lead to a further decline, potentially targeting the next major support area around 0.00001.