Shiba Inu (SHIB) Price Momentum Weakens as Bulls Struggle to Break Resistance
The price of Shiba Inu (SHIB) has entered a consolidation phase as bullish momentum wanes. The second-largest memecoin by market capitalization is facing resistance at $0.000009, and its future price action will depend on critical on-chain data points.
Crypto Whales Holding SHIB Have Reduced Their Trading Activity
On-chain analysis reveals that SHIB whales have decreased their trading activity since October 24. According to IntoTheBlock, there has been a 44% decline in whale transactions, indicating a growing disinterest among large institutional investors. This could influence retail traders to also have a negative outlook on SHIB, potentially leading to low market demand in the days ahead.
SHIB Sell Orders Surpass Current Market Demand
The Aggregate Order Books show that active sell orders for SHIB tokens exceed buy orders across 10 crypto exchanges. This indicates weakening demand and may result in sellers lowering their prices to compete. The combination of reduced whale trading activity and weak market demand suggests a potential downward movement in SHIB price.
SHIB Price Prediction: Possible Downswing Toward $0.000005
Based on current on-chain statistics, it is likely that Shiba Inu will experience a further price downswing toward $0.000006 in the coming days. The Global In/Out of the Money chart also supports this bearish narrative, showing that losing support at $0.00007 could lead to larger losses. However, if SHIB’s price can reclaim $0.00001, there is a possibility of a rally toward the $0.00001 range.
Hot Take: Shiba Inu Faces Bearish Pressure Amidst Weakening Demand
The price of Shiba Inu (SHIB) is currently facing bearish pressure as whales reduce their trading activity and sell orders surpass market demand. This combination suggests a potential downward movement in SHIB’s price, with a predicted downswing toward $0.000005. However, if SHIB can reclaim resistance at $0.00001, there is a chance for a bullish rally. Traders should closely monitor on-chain data to gauge the future direction of SHIB’s price.
By
By
By
By
By