Shiba Inu (SHIB) Faces Market Pressure but a 400% Surge Could Be on the Horizon
- Shiba Inu has dropped 24% in the past month but gained 1.26% in the last 24 hours.
- Whale activity on the Shiba Inu network has declined by 79% over the past three months.
- An inverse head and shoulders pattern suggests Shiba Inu could rally 402% to $0.000081.
- Key support levels at $0.000011 and $0.000008 could determine Shiba Inus next move.
Shiba Inu (SHIB) has been navigating a stormy market, witnessing a notable decline over the past month. The meme-inspired token has dropped nearly 24% in the last 30 days, reflecting the broader market downturn. Over the past week, SHIB has continued its downward trajectory, slipping by 3.47%.
Despite the bearish trend, SHIB has shown slight resilience in the past 24 hours, rising 1.26% to trade at $0.00001568. The tokens 24-hour trading volume stands at $111.20 million, with a market capitalization of $9.24 billion, giving it a market dominance of 0.29%.
Shiba Inu Declining Whale Activity Raises Concerns
Crypto analyst Ali Martinez pointed out a concerning trend, whale activity on the Shiba Inu network has plummeted by 79% over the last three months. This decline in large transactions suggests reduced interest from major investors, which could impact SHIBs momentum in the short term.
Bullish Structure Signals Potential 400% Rally
On the flip side, crypto analyst Javon Marks highlights a bullish setup forming. SHIB is maintaining the structure of a large Inverse Head & Shoulders pattern, a classic signal of a potential breakout. If this pattern plays out, SHIB could surge over 402%, targeting the $0.000081 level.
Key Support Levels to Watch
While the bullish outlook remains in play, SHIB has lost a crucial support level, according to Martinez. The next key support zones to monitor are $0.000011 and $0.000008. A breakdown below these levels could trigger further downside pressure, while a bounce from these zones may reignite bullish momentum.
With SHIB caught between bearish pressure and a potential breakout setup, the coming weeks will be critical in determining its next major move. Will Shiba Inu defy the odds and embark on a massive rally, or will the downtrend continue? Traders are closely watching the charts for the next big move.
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Text source: TronWeekly
