Shiba Inu’s Price Forecast as SHIB Falls Below Long-Term Support – Are Whales Unloading Now?
Harvey Hunter
Last updated: June 17, 2024 20:52 EDT | 2 min read
Today, the Shiba Inu price has experienced a slight decline, causing it to slip below a critical support level that had previously held strong during its recent consolidation phase.
The SHIB price has dropped by 3.58% in the last 24 hours, bringing it down to $0.00002 amidst a significant market downturn.
During a pullback, SHIB has recorded a weekly loss of 14.00%, following the trend of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.
Despite a 20.40% decline in SHIB this month, it has still managed a solid return of 176.69% – similar to the gains of other top cryptocurrencies.
With the meme coin’s 24-hour trading volume surging by 43.80% to $258.85M, traders appear to be actively involved.
Shiba Inu Price Breaks Long-Term Support – Are Whales Selling Now?
After a dip earlier today, the Shiba Inu price appears to be moving towards a downward trend, breaking its previous sideways movement.
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, along with strong resistance at $0.00002109, had kept the price consolidating sideways until now.
Other indicators support this change in momentum, such as the relative strength index (RSI) (purple), which has dropped from 55 to 10 in the last 24 hours. The sharp decline in RSI indicates intense selling pressure in the market, pushing it into oversold territory.
Furthermore, the 30-day moving average is starting to decline, suggesting that the short-term trend is shifting towards a downtrend.
The 30-day MA is also below the 200-day moving average (blue), indicating a slight downward trend.
While there is no data indicating significant purchases by whales in recent weeks, the sudden selling pressure suggests significant movement among traders.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could potentially lose all your capital.