Shiba Inu (SHIB) Price Faces Resistance at $0.00002835 Amid Selling Surge

Shiba Inu's Bullish Momentum: Market Cap Surpasses Avalanche

The Shiba Inu (SHIB) price continues to struggle to show bullish signs, which could persist in the coming weeks due to investors’ waning support. The SHIB price is likely to experience a drawdown or sideways movement due to SHIB holders’ skepticism, evident in the whales’ activity and retail investors’ actions.

Whales Reduce Transactions

Shiba Inu Whale Holding. Source| IntoTheBlock

The total volume of transactions worth more than $100,000, typically associated with whales, has plummeted to a low of $30 million daily. This decline in transaction volume coincides with increased selling from SHIB holders, amplifying the bearish sentiment.

Selling Pressure Intensifies

Shiba Inu Realized Profits. Source| Santiment

The realized profits on the network have spiked significantly, reaching a three-month high, indicating that investors are selling their holdings to secure their gains or offset losses. This surge in realized profits suggests a rise in skepticism among SHIB holders as they look to protect their investments.

Consolidation Continues

Shiba Inu’s price is likely to remain in a sideways trend, as investors are not explicitly bullish at the moment. SHIB could consolidate between $0.00002584 and $0.00002267, with a broader range of $0.00002835 and $0.00002093.

Shiba Inu Price Analysis. Source| TradingView

Potential Downside Risks

The current market cues also raise the possibility of a decline, potentially sending SHIB to $0.00002267 or $0.00002093.

Bullish Scenario

If Shiba Inu’s price manages to break above the resistance at $0.00002835, it could establish a two-month high. This could invalidate the bearish thesis and potentially send SHIB to $0.00003000.

In conclusion, the Shiba Inu ecosystem is currently facing a bearish outlook, as evidenced by the whales’ reduced activity and increasing selling pressure from investors. The consolidation is likely to continue, with the possibility of a downside move. However, a breakout above the resistance level could revive the bullish sentiment.

Read Also: SHIB Whale Activity Intensifies Amid Burn Rate Spike

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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