Shiba Inu (SHIB) price faces bearish woes at the time of writing, which could result in the meme coin witnessing further decline.
Investors could counter this, but now, their intentions are leaning more toward selling than accumulating.
Shiba Inu Investors See No Profit
Shiba Inu’s price could likely be observed as red candlesticks forming on the daily chart as the current investors are not acting very bullishly. The meme coin, which is dominated by whale holders, is observing a slowdown in terms of accumulation.
The top whale addresses removing exchange wallets have added a little over 13 trillion SHIB worth around $328 million in the last two months. This indicates that SHIB holders are not incentivized to accumulate the token.
This could result in SHIB losing any boost it would receive from the whales regarding recovery.
Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
To make matters worse, retail investors are not too keen on being optimistic. These investors want to sell their assets, which can be observed upon distributing active addresses through profitability.
Presently, about 21% of the investors conducting transactions on the network are making profits, which is concerning. This is because, most likely, these SHIB holders are looking to sell amid the declining prices. Since this would offset their losses, they could dump their holdings until more profitable market conditions arise.
Consequently, the altcoin will take a hit.
SHIB Price Prediction: Staying in the Lane
Shiba Inu’s price, which has been moving within the descending channel for a month and a half now, will remain intact. This is because the meme coin recently failed to breach the upper trend line.
Additionally, based on investors’ behavior and market conditions, the crypto asset will likely fall to test the lower trend line as support once more. This places the potential drawdown target at $0.00002039.
Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
However, if SHIB can circumvent these conditions by bouncing off the support at $0.00002268, it could make its way back up. Breaching the upper trend line would invalidate the bearish thesis, sending Shiba Inu’s price towards $0.00002835.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment