Shiba Inu Experiences $2.12 Billion Sell-off, Tests Support at $0.000021
The crypto market downturn has significantly affected meme coins, with Dogecoin and Shiba Inu dropping 9.92% and 9.11%, respectively, in the last 24 hours.
- Dogecoin's market cap stands at $51.29 billion, while Shiba Inu's is at $12.71 billion.
- Shiba Inu is testing a crucial support zone near $0.000021.
Shiba Inu Price Analysis
- A resistance trendline breakout rally failed to exceed the 50% Fibonacci level at $0.00002468.
- A double-top reversal led to a decline to the 23.60% Fibonacci level at $0.00002121.
- The crucial support zone extends from $0.000020 to $0.00002125.
- A bearish crossover between the 20 and 50 EMA indicates a bearish trend, with the RSI in the oversold zone.
- Potential Morning Star pattern suggests a possible bounce back from the support zone.
Photo: TradingView
Whale Transfers 1.63 Trillion Shiba Inu
- A transfer of 1.63 trillion SHIB tokens worth $39 million was reported by Whale Alert.
- This transaction signifies potential buy-the-dip behavior from an unidentified wallet holder.
- Investor confidence may be indicated as the price stabilizes around the $0.000020 mark.
Massive Offloading as SHIB Falls
- Total balance-by-holdings in USD decreased from $22.99 billion to $20.87 billion, marking a 9.23% drop.
- In the $100,000 to $1 million range, holdings fell from $662.81 million to $653.44 million (1.41% decline).
- In the $1 million to $10 million range, a decline from $3.16 billion to $2.99 billion (5.38%).
- Holdings over $10 million dropped from $19.17 billion to $17.23 billion (10.12%).
SHIB Price Targets
- Shiba Inu may retest the broken 38.20% Fibonacci level at $0.00002307 if bullish momentum holds.
- Resistance levels are at the 38.20% and 50% Fibonacci levels.
- On the downside, a bearish continuation may retest the support level at $0.00001853.