As Dogecoin sustains its position above the $0.25 psychological mark, Shiba Inu struggles to maintain its ground.
With an intraday pullback of 2.16%, the bearish risk over the $0.000015 psychological mark grows for SHIB. With the higher price rejection and the recent breakdown rally, is Shiba Inu doomed to fall?
Falling Wedge and Death Cross Signal in SHIB Price Trend
In the daily chart, the Shiba Inu price trend reveals a bearish breakdown of a falling wedge pattern. Within the bearish pattern, the Shiba Inu price fall accounts for a 52% drop in the past two months, dropping from a recent peak of $0.0000032.
The meme coin is now down at its crucial psychological support of $0.0000015. With the recent fall, the 50 and 200-day EMA lines are on the verge of giving a death cross event. This marks a significant sell signal in Shiba Inu, projecting a bearish continuation.
However, the bullish comeback in the daily RSI line from the oversold zone comes with a minor divergence. This hints at a possibility of Shiba Inu reclaiming the broken support trendline. However, the rising supply might undermine the short-term bullish signal from the daily RSI line.
Whale Activity and Supply Concerns
Adding to the supply, the recent correction has resulted in a massive dumping by Shiba Inu whales. Over the past month, the whale holding of more than $10 million worth of Shiba Inu has dropped from $19.17 billion to $11.68 billion.
This registers a massive drop of 39% over the past month. Furthermore, the holding between $1 million to $10 million has shifted from $3.16 billion to $2.79 billion. While this is a comparatively lesser drop of ~12%, the selling in the market is warning of a potential extended correction in Shiba Inu.
Key Shiba Inu Levels
Amid the rising bearish signals, the Shiba Inu price analysis highlights the incoming support levels at $0.00001224 and the $0.000010 psychological mark. On the flip side, the key price targets for Shiba Inu are $0.00001750 and the $200 EMA and $0.000020 psychological level.
The increasing volatility in the broader crypto market could further amplify SHIB’s price fluctuations in the coming days. If buyers fail to step in at the crucial support levels, a sharper decline could be on the horizon.
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