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
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
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.
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.
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