Shiba Inu Price Prediction as $150 Million Trading Volume Comes In – Are Whales Buying the Dip?
Shiba Inu has suffered a 1.5% fall in the past 24 hours, dropping to $0.00001105 following a difficult weekend for the cryptocurrency market as a whole. The meme token is now 14% down in a week and 13% down in the last 30 days, having risen by 36% since the start of the year.
SHIB's 24-hour trading volume has picked up slightly, at $150 million, yet this still remains far from the $1.8 billion volumes seen at the start of February, when the coin rose to its 2023 high of $0.00001549. However, with the launch of the Shibarium layer-two network now imminent, it's only a matter of time before volumes really pick up and SHIB rises again.
SHIB's indicators suggests that the coin is close to reaching a bottom as far as its recent short-term losses go. Its relative strength index (purple) has dropped to 35 and could fall even further, with the coin not likely to bottom out until this indicator dips below 30.
That SHIB's recent difficulties aren't quite yet over is also indicated by the coin's 30-day moving average (red), which has only just begun to point downwards. It remains above its 200-day average (blue), implying that SHIB won't rally again until it has moved below the longer term indicator.
What's disconcerting for SHIB holders is that, since its 2023 high of $0.00001549, the meme token has consistently fallen through a succession of support levels. As such, there's nothing to guarantee that it will stop falling at $0.000011, $0.00001 or even lower.
It also depends on the whales and other big investors, who seem to have been offloading their SHIB holdings in recent days. If they continue to sell, the coin could witness further significant drops.
Based on the latest stats, it does seem that whales are selling SHIB on the whole.
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