Shiba Inu Price Update: Bears in Control 📉
Currently, Shiba Inu (SHIB) faces a bearish trend, signaling a potential further decline for the meme coin. As an investor, you may need to take action to counter these bearish developments, especially as market sentiment shifts towards selling rather than accumulating SHIB.
Shiba Inu Investors Sentiment
- Red candlesticks on the daily chart suggest a lack of bullish behavior among current Shiba Inu investors.
- Whale holders are showing a slowdown in accumulation, with top addresses removing exchange wallets.
- Over 13 trillion SHIB worth around $328 million has been moved out, indicating a lack of incentive for holders to accumulate the token.
These factors could hinder SHIB’s potential recovery, as investors are more inclined to sell than hold onto their assets amidst declining prices.
Retail Investors Outlook
- Retail investors are not optimistic, with many looking to sell their holdings for profit.
- Approximately 21% of investors conducting transactions are currently making profits, raising concerns about potential sell-offs.
- This behavior could lead to further downward pressure on the altcoin’s price.
SHIB Price Prediction
- Shiba Inu’s price has been moving within a descending channel for some time, failing to breach the upper trend line.
- Based on investor behavior and market conditions, the coin is likely to test the lower trend line for support, potentially reaching $0.00002039.
- If SHIB can bounce off the $0.00002268 support level, it could reverse the bearish trend and aim for $0.00002835 by breaking the upper trend line.
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