Shiba Inu Price Prediction As SHIB Breaks Down From Key Support Level

Highlights

Shiba Inu price analysis suggests a 17% correction in the coming days.
Large holder inflow decreased by 32% between August 13 and 14.
Futures data suggest that SHIB Shorts are opening, signaling further decline.

Shiba Inu price experienced downward pressure on August 15 following a market-wide slump that resulted in a 3.1% decrease in the total industry market cap. However, this may not be the only factor contributing to the price reversal of the Shiba Inu coin. Berish sentiment among traders and whale investors signals the meme coin may be up for further decline in the coming days.

Whale Outflow Impacts Shiba Inu Price

The SHIB price decreased by 1.5% in the last 24 hours, trading at $0.00001359, as on-chain data from IntoTheBlock revealed that whales might be leaving SHIB.

Large holder inflow reduced by 32.29% between August 13 and 14, signaling whales may be offloading their tokens. This coincided with a net positive SHIB inflow into exchanges to the tune of 48B SHIB ($657,000), per CryptoQuant.

Shiba Inu open interest (OI) over the last 24 hours increased by 3.75%, meaning more SHIB contracts were opened.

A side-by-side comparative analysis with the cumulative volume delta (CVD) shows it dropped by 2.2% over the same period. A rising OI accompanied by a declining CVD suggests the opening of Short positions. This scenario often points to bearish sentiment in the market and would explain the bearish sentiment and continued decline of the Shiba Inu price.

Further, A deep analysis of the SHIB Liquidation Map on Coinglass reveals a significant imbalance, with a higher cumulative liquidation of short positions compared to longs. This suggests a bearish sentiment toward Shiba Inu, likely driven by poor network growth and unfavorable general market conditions.

Additionally, the high trading volume around $0.00001358 indicates a key zone of interest for buyers, with demand building around $0.00001327 and supply concentrated near $0.00001387.

SHIB Price Loses Key Support

Technical analysis further supports the bearish sentiment among both retail and whale investors, indicating a potential downside for the Shiba Inu price. The price chart reveals a downward trend, with SHIB breaking below the lower boundary of a rising channel, confirming the downtrend.

However, the asset is likely to find support around $0.00001350 and $0.00001100, which could serve as potential rebound zones if the decline persists. Additionally, the narrowing Bollinger Bands suggest low volatility, often a precursor to increased downside pressure.

Both the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) align with this bearish outlook, indicating there may still be some downward momentum, though a reversal could occur if the price dips further.

Shiba Inu price forecast shows that if bulls manage to push the price higher above the top band of the Bollinger Bands indicator, the bearish thesis may be invalidated. SHIB price would seek the next major resistance around $0.00001655.

Should You Buy SHIB Now?

Although Shiba Inu price is currently in a downward trend and has broken out of its ascending channel, futures trading data shows that many whales are waiting to buy SHIB at lower levels. Large whales placed buy orders totaling $1.775 million, around $0.0000099, $0.0000109, and $0.0000119.

Frequently Asked Questions (FAQs)

1. How has whale activity impacted the Shiba Inu price?

On-chain data from IntoTheBlock revealed a 32.29% reduction in large holder inflows between August 13 and 14, indicating that whales may be offloading their SHIB tokens. This coincided with a net positive SHIB inflow into exchanges of 48 billion SHIB (approximately $657,000), which is typically a bearish signal.

2. What does the SHIB Liquidation Map indicate?

A Coinglass analysis reveals more short liquidations than longs for SHIB, indicating bearish sentiment likely due to poor network growth and unfavorable market conditions.

3. Should you consider buying SHIB now?

Shiba Inu price is trending down, but whales are waiting to buy at lower levels, with large orders observed around $0.0000099, $0.0000109, and $0.0000119.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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