This can be explained by the lack of support SHIB received from its investors, especially local whales.
Shiba Inu investors are pulling back
The price of the Shiba Inu should see some decline or at least a sideways development, given the current skepticism of holders of the same coin. Indeed, we see this lack of conviction in the whales’ actions as well as in the actions of individual asset investors.
The first, the whales, form the most important group of investors because their action has a direct impact on the price of SHIB. A positive movement on their part thus leads to an increase and a negative movement to a decrease; for now, the second scenario seems to be the case.
The total volume of transactions worth more than $100,000, usually associated with crypto whales, fell as a result. Currently, the daily volume of trade in Shiba Inu whales has fallen to 30 million dollars.
This decline in trading volume is also being met with heavy selling by SHIB holders, amplifying the bearish sentiment in its price.
Profits realized in the network thus recorded a massive increase and reached a three-month high. The spikes in this data are caused by investors selling their holdings, either to take profits or offset losses incurred.
In the case of the same coin, it is really the latter case, as investors move their assets to secure their accumulated profits.
More information: Where to buy SHIB? The best platforms for investing in the same area
This also suggests an increase in some skepticism among SHIB holders.
Shiba Inu Prediction: Consolidation Continues
Shiba Inu price is destined to move sideways, its investors are clearly not bullish at the moment. So SHIB could consolidate between $0.00002584 and $0.00002267. In a wider trading range, the same coin could trade between $0.00002835 and $0.00002093.
The above-mentioned indices also strengthen the chances of a decline that could send SHIB to $0.00002267 or even $0.00002093.
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If SHIB manages to break its resistance at $0.00002835, then it could reach a two-month high. This is the key for it to climb to $0.00003000 to negate the bearish thesis.
Moral of the story: Where is the ShibArmy when we need it?
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decision.