As of this writing, the price of Shiba Inu (SHIB) is experiencing bearish issues, which could lead to a further decrease in the memecoin.
Investors in Shiba Inus See No Profit
Given that current investors are not behaving extremely bullishly, red candlesticks may be seen emerging on the daily chart representing the Shiba Inu's price. The accumulation of the memecoin, which is controlled by whale holders, is slowing down.
In the past two months, the top whale addresses that remove exchange wallets have accumulated slightly more than 13 trillion SHIB, or roughly $328 million. This suggests that there is no incentive for SHIB holders to acquire more tokens.
Retail investors are not particularly inclined toward optimism, which exacerbates the situation. It is evident that these investors wish to sell their holdings by allocating profitable active addresses.
It's alarming that just roughly 21% of investors that transact on the network right now are profitable. This is probably due to the fact that these SHIB holders are trying to sell given the falling pricing. They might sell their shares until more profitable market conditions materialize, as this would offset their losses.
SHIB Price Forecast: Holding Fast in the Lane
The price of Shiba Inu, which has been fluctuating for the past month and a half inside the declining channel, will not change. The meme coin hasn't been able to break through the top trend line lately, which is why.
In addition, the cryptocurrency asset will probably decline to test the lower trend line as support once more, depending on the actions of investors and the state of the market. The possible drawdown target is now $0.00002039.
SHIB might rise again, though, if it can avoid these circumstances by rebounding off the support at $0.00002268. The bearish argument would be refuted by breaking the upper trend line, which would drive the price of Shiba Inu down to $0.00002835.
April 2024, Cryptoniteuae