SHIB Stumbles Below $0.0000260 Amidst Bearish Trends

19 March 2024

in SHIBA

Reading Time: 5 mins read

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Shiba Inu, one of the prominent meme coins in the crypto sphere, has been on a continued downtrend in the last 24 hours.SHIB token formed a downward retracement from highs of $0.00002893 to $0.00002512.Presently, SHIB trades at $0.00002507, marking an 11.90% decline over the past 24 hours.

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SHIB has found immediate support at $0.000025, although there are concerns about its ability to hold this level. A break below $0.000025 could potentially lead SHIB to test the next significant support at $0.000017. On the flip side, resistance lies near the $0.000029 mark, where SHIB has encountered selling pressure recently.

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The Moving Average Convergence Divergence (MACD) histogram bars are flashing red in negative territory below the zero line, indicating bearish momentum. The Awesome Oscillator (AO) also displays red bars, with volumes decreasing as they approach the mean line, suggesting weakening bearish momentum.

Traders anticipate a probable 10% drop in SHIB’s price to facilitate a liquidity sweep, potentially descending below the $0.000025 threshold before initiating a rebound. This corrective move aims to clear out sell-side liquidity clustered around this level, setting the stage for a potential resurgence.

The 4-hour chart Relative Strength Index (RSI) for SHIB is nearing oversold conditions, indicating that the selling momentum may be overextended and hinting at a possible reversal. Despite the growth of meme coins on Solana, Shiba Inu has struggled to exhibit similar momentum, often rallying only when Ethereum dominates the market. However, as of the current state, bullish tendencies from either Ethereum or SHIB are unlikely.

SHIB has a live market cap of $14,939,809,401 USD. The circulating supply of SHIB coins is 589,289,410,812,691, with the max supply not available. If the downturn continues, SHIB price could find initial support around the $0.0000245 level. A failure to hold this support could lead to a further decline, potentially reaching lower levels to collect sell-side liquidity.

On the contrary, if bulls regain control of the market, SHIB price would need to overcome the $0.000029 resistance level, followed by flipping the 50% Fibonacci placeholder into support at $0.000031. A daily candlestick close above this level could encourage more buying, possibly leading to a rally driven by FOMO.

Crypto Whale Accumulates 500.88 Billion SHIB Tokens

A newly identified crypto whale has emerged, spreading its holdings across seven distinct wallets to amass a significant quantity of Shiba Inu tokens.

According to a report on X, On-chain Nerd disclosed that around $14.35 million worth of SHIB, totaling 500.88 billion tokens, was recently transferred from Coinbase into these separate wallets. Diversifying the holdings across multiple wallets is a common security measure adopted by crypto investors.

5 hours ago, a whale just created 7 Fresh Wallets and transferred exactly 71.55B $SHIB ($2.05M) from #Coinbase to each wallets.
In total, he did accumulated 500.88B $SHIB (~$14.35M)
Here are the addresses:https://t.co/1D63iCOVEzhttps://t.co/DUFJhpUSeEhttps://t.co/DRqn0J9iYw

— The Data Nerd (@OnchainDataNerd) March 18, 2024

Although it’s possible that these tokens were acquired previously and only recently moved, the timing coincides with a period of bearish market activity. This hints at a potential strategic accumulation during the dip in prices.

Of particular note is the potential outcome if the whale investor holds onto this SHIB investment until the cryptocurrency revisits its all-time high. At that juncture, the 500.85 billion SHIB holdings could skyrocket in value.