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Highlights
- Shiba Inu price risks an 28% crash to $0.000009 after a bearish head and shoulders pattern emerged on the daily chart.
- Technical indicators including the RSI and the ADX show that the bearish momentum is gaining strength.
- A whale address recently moved 100 billion SHIB to Binance after three years of dormancy as trader losses intensify.
Shiba Inu (SHIB) losses continue to intensify as the crypto market reels from the escalating tensions between Tesla CEO Elon Musk and US President Donald Trump. Shiba Inu price may continue with this downward trend after a bearish breakout from a head and shoulders pattern that signals a potential 28% crash.
At press time, SHIB price trades at $0.0000125 with a 2.8% decline in 24 hours. The daily trading volumes were also up by 80% to $265 million, per CoinMarketCap’s data, with the surge likely stemming from sell-side volumes.
Shiba Inu Price Risks 28% Crash as Bearish Pattern Emerges
The one-day chart for Shiba Inu price shows the formation of a bearish head and shoulders pattern. This pattern usually signals that the trend is about to shift in the opposite direction, which, in this case, is from bullish to bearish.
SHIB, which was among the top-performing meme coins in May, has dropped below the neckline of this bearish pattern, a move that usually signals a potential crash. After breaching this support level, SHIB price could plunge by 28% to $0.000009, which will be its lowest price since January 2024.
The potential downtrend portrayed by the head and shoulders pattern is likely to play out because of the upward sloping ADX line. The indicator’s upward move confirms that the current downtrend could continue, making a Shiba Inu price crash to $0.000009 more likely to occur.
Meanwhile, the RSI indicator shows that the bearish momentum is growing strong after a steep slope. The indicator’s movement shows that the bearish trend depicted by the head and shoulders pattern might play out.
The potential crash portrayed by the head and shoulders pattern aligns with a previous CoinGape analysis that noted Shiba Inu may plunge by 22% after a small bear flag appeared.
Whale Moves 105B SHIB to Binance After 3 Years
The bearish technical structure on Shiba Inu price coincides with a massive whale move after a large address moved 105 billion SHIB tokens to the Binance exchange. According to data from Arkham, these tokens had remained dormant for three years.
The selloff by this large address coincides with heavy trader losses after 11 trillion SHIB tokens plunged into loss, signalling potential capitulation. Once the selloff eases, it could give SHIB price room to recover if the meme token hits a local bottom after the recent dip.
To sum up, the Shiba Inu price is at risk of crashing by another 28% following the formation of a bearish head and shoulders pattern on the daily chart. Meanwhile, whales and long-term holders appear to be capitulating after a drastic surge in trader losses. As bearish headwinds intensify, SHIB price could plunge to $0.000009.
For a more detailed Shiba Inu price prediction between 2025 and 2030 – Read This.
Frequently Asked Questions (FAQs)
1. Why is Shiba Inu price down today?
2. Will Shiba Inu price crash by 28% to $0.000009?
3. Why are whales and large addresses selling SHIB?
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