- shiba inu whales seem to have started taking profits after predicting a weekly top at $0.00001792.
- The 200-day SMA represents the last remaining support level for the SHIB, otherwise losses could take up to $0.000001040.
- Although there are slight rebounds in the price, this seems to consist of a “reflex” recovery that occurs when oversold occurs.
Shiba Inu priceLooking for a support level following another pullback in the past 24 hours. Earlier in the week, meme coins had posted a strong rise following the trend of the upcoming Ethereum Convergence with Dogecoin.
If the Shiba Inu rises from possible support at $0.00001250, investors will have a chance to buy low and sell high this week. Conversely, a decline below the same support could result in Shiba Inu price testing the next strong $0.000001040 level.
The Shiba Inu price lost a significant portion of its value after whales timed Tuesday correctly. According to Santiment’s Whale Transactions Issue ($100,000 and up), whales were most active between August 14 and 19. While these high-volume traders initially pushed SHIB higher, more whales started selling at or near $0.00001792 weekly.
Shiba Inu Faced with ‘Capitulations’
The upside move was bolstered by speculation around the Ethereum Merger in September, helping retail investors get into the game. However, the whales heralded the peak coming and triggered the correction. While facing new capitulations with the same retail investor, Shiba Inu price may not be able to escape the downtrend it has long sought to escape.
What’s the Next Move for Price?
Shiba Inu price may have stopped the sharp downtrend with the help of the strong support formed by the 200-day Simple Moving Average (SMA) at $0.00001250. meme coinwas at $0.00001326 at the time of this writing, while the bulls were dealing with a tough resistance at the 100-day SMA.
Shiba Inu price may continue to show a reflex recovery following oversold conditions after a 10.50% drop. Signals from the Relative Strength Index (RSI) indicate that the Shiba Inu is ready to retrace the lost ground at $0.00001792 and will likely be tagged at $0.00002000.
Although the Shiba Inu price dropped from $0.00001792 to $0.00001250 in less than 24 hours, it will not be able to break out of the seller congestion zone at $0.00001600 without difficulties, especially at the 50-day SMA and $0.00001600. On the downside, the $0.00001250 support is broken, the Shiba Inu price downtrend could resume and the price could be tagged at $0.00001040.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.