November 15, 2024 | 6thTrade
The popular dog-inspired cryptocurrency Shiba Inu (SHIB) has hit a stumbling block after an impressive 80% surge earlier in November. Following this rally, SHIB experienced a sharp correction of over 20%, leading to a phase of price consolidation. Now, with a recent whale transfer of 4 trillion SHIB worth $99 million, speculation is rife about a possible sell-off, adding to the uncertainty surrounding SHIB’s next move.
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Shiba Inu’s Current Price Landscape
A review of SHIB’s recent price action reveals the formation of a candlestick pattern known as the “spinning bottom,” a classic indicator of market indecision. This signals that SHIB’s bullish momentum might be losing steam, leaving the market in search of direction.
Currently, SHIB hovers near critical support levels, with $0.00002100 acting as a key threshold. A drop below this level could trigger further declines, making it increasingly difficult for SHIB to regain its bullish trajectory.
However, optimism persists among some investors, with hopes that SHIB could consolidate and build a foundation for future growth. To regain momentum, SHIB must overcome a key resistance level at $0.00002350. Successfully breaking above this barrier could ignite renewed buying interest and potentially drive prices higher.
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Whale Alert: 4 Trillion SHIB on the Move
In a development adding to market jitters, a whale transferred 4 trillion SHIB—equivalent to $99 million—to an unidentified wallet, as reported by Whale Alert. This transaction occurred at an average price of $0.00002475.
The sending address belongs to one of the largest SHIB holders, controlling over 7 trillion SHIB, representing nearly 1% of the token’s total supply. Meanwhile, the receiving wallet is relatively new and has a limited transaction history. The sheer size of this transfer has raised concerns about whether it could signal an impending sell-off.
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What Lies Ahead for Shiba Inu?
After retracing by 24% from its recent peak of $0.00003030, SHIB still remains 22% higher than its weekly lows. The token’s chart now displays a descending triangle pattern, often a precursor to significant price movement.
If SHIB breaks upward, it could target new highs, possibly surpassing $0.000033. However, a failure to hold above $0.000023 could lead to further declines, with prices potentially dropping to $0.000020.
For now, SHIB investors are closely watching these critical levels as the market braces for the next big move. Will SHIB bounce back or face further downside pressure? Time will tell.