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

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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.

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

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