SHIB Faces Selling Pressure Below Resistance Amid 74% Drop in Whale Activity
The cryptocurrency market is under pressure due to global economic tensions. Shiba Inu is facing resistance between $0.00001467 and $0.00001470, hindering upward movement. Recent trends show lower highs indicating bearish pressure, with support found between $0.00001426 and $0.00001436.
Key points include:
- Shiba Inu's large transaction volumes dropped by 74%, decreasing from 5.76 trillion SHIB to 1.47 trillion in five days, leading to liquidity contraction.
- Inflows and outflows have decreased by over 80% in the past month.
- Despite challenges, analysts maintain long-term bullish outlooks, citing ecosystem expansion and Shibarium development.
- Predictions suggest SHIB could reach $0.0001 by 2029 and potentially $0.01 by 2040, requiring token burns for supply reduction.
Technical Analysis Highlights
- SHIB saw a price range of $0.00001469 to $0.00001425, a 3% fluctuation.
- Resistance at $0.00001467-$0.00001470 halted price increases during peak trading hours.
- Support levels at $0.00001426-$0.00001436 showed multiple rebounds, but declining volume indicates reduced buyer interest.
- The price settled at $0.00001430, down 1.78% from the high.
- A recent recovery pattern saw a rise from $0.00001427 to $0.00001431, a 0.28% gain.
- A strong support zone at $0.00001429-$0.00001430 held during tests.
- Volume analysis indicated increased buyer interest around $0.00001436.
- Higher lows formed since 07:56 suggest potential bullish momentum, but resistance remains at $0.00001433-$0.00001435.