$SHIB The influence of whale investors on prices and sentiment in the crypto market cannot be underestimated. Historically, Shiba Inu has experienced periods of bullish momentum, notably noted in February and March.

However, recent trends have indicated a bearish phase for SHIB, with IntoTheBlock data showing a shift to the more cautious side among SHIB whales. This change in sentiment is illustrated by the current count of 123 bear whales compared to 117 bull whales, based on a seven-day average.

This changing momentum has resulted in the SHIB price fluctuating between the support level US$0.00002392 and the resistance level US$0.00003308. According to crypto analyst SHIB Knight, the token has bounced off support twice and been rejected at resistance levels on two occasions.

Despite these challenges, recent buying by new whale accounts and other bullish investors indicates the belief that the current decline in SHIB prices is temporary, with expectations of a recovery and uptrend in the near future.

At time of writing, SHIB is trading at US$0.00002736, marking a 23 per cent decline from its peak of US$0.00003592 during the most recent bull run.

Crypto analyst Captain Faibik has identified a new technical pattern on the Shiba Inu price chart, indicating a potential spike in SHIB prices to between US$0.00058 and US$0.00062 in the coming weeks.

If SHIB reverses its current bearish momentum and embraces a bullish trajectory, the crypto could exceed these projections, potentially reaching US$0.00008 or higher. Lets watch.