Quick Summary:
- Since May 13, the SHIB price has decreased by 14.4 per cent and trades within the range of $0.00001423 currently
- Major resistance: 0.000015 and 0.000017
- There was a 1.6% rise in the gathering of whales within the preceding 30 days
- Analyst 00Hashapollo points out possibilities of bullish reversal when the resistance is breached
- Support areas: 0.000013 and 0.000010
Downtrend Continues – but how long?
Shiba Inu (SHIB) has been on the declining trend losing 14.4 percent in the last seven days and another 2.1 percent in последние 24-часов. The current price is around the mark of 0.00001423 with a definite trend of downward highs and lows, indicating a short-term bearish trend.
However, this downturn could be creating the condition of a possible breakaway.
Analyst sees Bullish Breakout Chances
The crypto expert Şeyma believes that a multi-timeframe analysis chart of SHIB has formed resistance points at $0.000015 and $0.000017 on both weekly and 4-hour charts.
As Şeyma remarks, a break above the $0.000015 level on a weekly basis would be the indication of the potential of the bullish continuation. Yet, an above break of $0.000017 is required to validate a structural change of the market.
In case these resistance markers are broken, SHIB may even rally to $0.000030, a 114.29% rise relative to the present position through this point.
What to do in case SHIB Falls?
In case SHIB cannot smash through resistance, Şeyma identifies support areas slightly beneath the price of $0.000013, with an added backup in the form of the area of $0.000010. Such levels can provide support on the downside as well as attract new buyers.
There is a lot to be said about Whale Moves.
In spite of the recent price decline, whales are accumulating according to on-chain data provided by IntoTheBlock as they have increased their SHIB position by 1.60 percent during the last month. Remarkably, the institutions between the larger and the smaller, and the retail holding, held their ground and even reduced its position to the tune of 4.99%, indicating that the smart money is piling in as the price is falling.
Final Thoughts
Although short-term traders have been crushed by the recent performance of Shiba Inu, the rising whale accumulation and an imminent technical breakout may be used to flip the situation. The key thing that investors need to monitor is the resistance range at the level of $0.000015–$0.000017 which could trigger another uptrend in SHIB if the price breaks above it.
Keep your eyes on it and don’t allow the dog to sleep over it.