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Highlights
- A breakout above $0.00001 is critical for SHIB to overcome its consolidation phase.
- Whale 0x30e's significant SHIB sale, leading to a $6.32 million loss, may impact the memecoin's price and contribute to prolonging its downtrend.
- The 24-hour trading volume on the Shiba Inu is at $172 Million with a 65% gain.
Shiba Inu Price: The waning bullish momentum in the Bitcoin price continues to bolster the sideways trend in altcoins, including SHIB. The second-largest meme cryptocurrency has been highly volatile for the past two weeks resonating between $0.00001 and $0.00000934 horizontal levels. The long-wick rejection candles on either side accentuate the increasing uncertainty among market participants. Here’s how this consolidation may influence the near-term future of Shiba Inu.
Also Read: Shibarium Gears Up To Clock 400 Mln Transactions Amid SHEboshi’s First Listing
Why Shiba Inu Price Prolong Downtrend
Amid the renewed recovery in the crypto market, the Shiba Inu price rebounded from the local support of $0.00000934 on February 24th. The positive turnaround has surged the prices by 4% in the last three days to the current trade at $0.00000973.
However, the reversal is still backed by weak momentum, and the buyers would need a breakout above $0.00001 to escape the current consolidation. Having said that, the breakout may only surge the price by 5-7% and hit the long-coming resistance trendline.
This dynamic resistance is part of a falling wedge pattern that carries the current downtrend in Shiba Inu. Thus, until this channel pattern is intact, the popular memecoin will remain in a downtrend.
Moreover, A whale, identified as 0x30e, has offloaded 421.6 billion SHIB tokens worth $3.98 million, as reported by SpotOnChain. The transactions included a transfer of 311.6 billion SHIB to Binance and the sale of 110 billion SHIB for 1.01 million USDT on a DEX. This sale resulted in a staggering loss of $6.32 million, or a 61.4% decrease, after holding for 2.5 years. This move may promote the SHIB price and is likely to prolong its current downtrend.
Whale 0x30e allegedly sold 421.6B $SHIB ($3.98M) at ~$0.0₅9437 in the past 6 hours, including:
• deposited 311.6B $SHIB ($2.97M) to #Binance
• sold 110B $SHIB for 1.01M $USDT on DEX.Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!… pic.twitter.com/CGfN7CL42g
— Spot On Chain (@spotonchain) February 24, 2024
Conversely, the market participants bullish on this memecoin, may wait for a breakout above the overhead trendline to obtain a better entry opportunity.
Technical Indicator:
- Bollinger Band: The narrow range of the Bollinger Band indicator reflects high volatility in this asset
- Relative Strength Index: The daily RSI slope at 56% reflects a neutral to positive outlook among traders.
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