Shiba Inu (SHIB) Price Forecast: Is an 18% Drop Imminent Due to Slowed Buying?

Analysis3wks agoUpdate 6086cf...
44 0

In Brief

  • Shiba Inu’s price is in a descending channel and will continue the drawdown following a failed breach.
  • Whales have slowed down their accumulation, adding only $328 million worth of SHIB in the last two months.
  • Active addresses by profitability show that over 20% of the investors are in profit and likely looking to sell.

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.

Shiba Inu (SHIB) Price Forecast: Is an 18% Drop Imminent Due to Slowed Buying?
Shiba Inu Whale Holding. Source: Santiment

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.

Shiba Inu (SHIB) Price Forecast: Is an 18% Drop Imminent Due to Slowed Buying?
Shiba Inu Active Addresses by Profitability. Source: IntoTheBlock

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.

Shiba Inu (SHIB) Price Forecast: Is an 18% Drop Imminent Due to Slowed Buying?
SHIB/USDT 12-hour chart. Source: TradingView

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.

Best crypto platforms in Europe | April 2024

This article is sourced from the internet: Shiba Inu (SHIB) Price Forecast: Is an 18% Drop Imminent Due to Slowed Buying?

Related: Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit

In Brief Chainlink price is noting bullishness on price indicators MACD and Parabolic SAR. The network is noting a 104% surge in participation at the hands of investors. This would result in over 38.55 million LINK observing profitability. Chainlink price, currently trading under $18, has the potential to break out and note a rally, which could mean considerable profits. However, there are some resistances in the path of this rise that might limit the altcoin’s growth. Chainlink Investors Turn Optimistic Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change. LINK holders have shown a sudden rise in interest in the asset, which is…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...