Shiba Inu Price Prediction as SHIB Falls Through Long-Term Support – Are Whales Selling Now?
Today, the Shiba Inu price has seen a minor pullback, causing it to drop below a crucial support level that had been holding firm during its recent consolidation.
The SHIB price has experienced a 3.58% decrease over the past 24 hours, bringing its price down to $0.00002, amidst a significant crash.
In a pullback, SHIB has posted a weekly loss of 14.00%, following the trend of major cryptos like Bitcoin (BTC) , Ethereum (ETH) , and Solana (SOL) , which have also retraced.
Although SHIB has fallen by 20.40% this month, it has still achieved a solid return of 176.69% – comparable to the gains of other leading cryptocurrencies.
With the meme coin’s 24-hour trading volume surging to 43.80% to $258.85M, it seems that there is elevated activity among traders.
After dipping in the early hours of this morning, it seems the Shiba Inu price has shifted towards a downtrend, breaking its sideways momentum.
This shift occurred as SHIB fell below the significant support level at $0.00002048, which it had maintained over the past few days. This support level, coupled with strong resistance at $0.00002109, had kept the price consolidating sideways until now.
Other indicators support this shift in momentum, such as the relative strength index (RSI) (purple) which has fallen from 55 to 10 over the past 24 hours. This suggests intense selling pressure in the market, reaching oversold territory.
Additionally, the 30-day moving average (orange) has started to decline, hinting that the short-term trend is moving toward a downtrend.
It is also trailing below the 200-day moving average (blue), which also shows a slight downtrend. This confirms sustained selling pressure, with the potential for further declines.
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