Today, the Shiba Inu price has seen a minor pullback, causing it to drop below a crucial support level that had been holding firm during its recent consolidation.
The SHIB price has decreased 3.58% over the past 24 hours, bringing it down to $0.00002 amid a major market crash.
In a pullback, SHIB has posted a weekly loss of 14.00%, following the trend of major cryptos like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.
Although SHIB has fallen by 20.40% this month, it has still achieved a solid return of 176.69% – comparable to the gains of other leading cryptocurrencies.
With the meme coin’s 24-hour trading volume surging 43.80% to $258.85M, traders seem to be engaging in elevated activity.
Shiba Inu Price Breaks Long-Term Support – Are Whales Selling Now?
After dipping in the early hours of this morning, the Shiba Inu price seems to have shifted towards a downtrend, breaking its sideways momentum.
This shift occurred as SHIB fell below the major support level at $0.00002048, which it had maintained over the past few days. This support level, coupled with strong resistance at $0.00002109, had kept the price consolidating sideways until now.
Other indicators support this shift in momentum, such as the relative strength index (RSI) (purple), which has fallen from 55 to 10 over the past 24 hours. The steep drop in RSI suggests intense selling pressure in the market, reaching oversold territory.
Additionally, the 30-day moving average has started to decline, hinting that the short-term trend is moving toward a downtrend.
The 30-day MA also trails below the 200-day moving average (blue), showing a slight downtrend.
There is no data suggesting big buys from whales in the past few weeks, yet the sudden selling pressure indicates substantial movement among traders.
