SHIB Experiences Bullish Spike Followed by Sharp Reversal Amid Whale Activity
Shiba Inu (SHIB) is experiencing mixed market signals. Initial bullish momentum with high volume support has been overshadowed by selling pressure.
Key observations include:
- SHIB consolidates below resistance levels, particularly in the $0.00001450-$0.00001600 range.
- On-chain metrics show a 311% decline in whale netflows and a 68% drop in active addresses since December.
- The market structure indicates potential continued ranging before a decisive move, requiring a break above $0.00002044.
- Only 17% of holders are in profit; over 80% are at a loss, suggesting potential selling pressure on price increases.
- Analysts have mixed views, with some noting bullish patterns and others citing weakening fundamentals.
Technical Analysis Highlights:
- Significant support established at $0.00001417 during high-volume trading.
- Volume spikes exceeded $700 million between 04:00-06:00, indicating initial bullish activity.
- A retracement of 1.77% occurred after the rally, reflecting profit-taking behavior.
- A bearish EMA stack is present, with difficulty reclaiming the 50-day moving average.
- A descending channel pattern shows lower highs and lows, indicating short-term bearish sentiment.
- A volume spike exceeding 110 billion coincided with a breakdown below critical support levels.