Shiba Inu (SHIB) Price Is Poised to Drop This Weekend  

Analysis4wks agoUpdate 6086cf...
33 0

In Brief

  • Shiba Inu’s price is stuck within a downtrend despite multiple fakeouts noted in the past two months.
  • SHIB whales have been exhibiting skepticism since the beginning of March, which is evident in their selling.
  • The meme coin is following Bitcoin’s footsteps and could potentially end up being a victim of corrections.

Shiba Inu (SHIB) is threatened to note a decline due to the lack of recovery observed in the broader market cues.

SHIB investors are not keenly bullish either, which could translate into losses for the meme coin.

Shiba Inu Whales Are a Problem

Shiba Inu’s price could experience a price correction due to the waning support from SHIB holders. These meme coin enthusiasts have been losing optimism toward a rally, which is visible in their increasing selling pressure.

In the last two months, the addresses holding more than $1 million and $10 million worth of SHIB have sold off a huge chunk of their supply. Nearly $10 billion worth of SHIB has left their wallets, creating a bearish impact on the meme coin.

Such major selling tends to counter any potential an asset has at rallying, which could be the case with Shiba Inu.

Shiba Inu (SHIB) Price Is Poised to Drop This Weekend  
Shiba Inu Whale Holdings. Source: IntoTheBlock

Furthermore, the correlation this meme coin shares with Bitcoin also threatens its gains. SHIB shares a high correlation of 0.81 with BTC. A high correlation indicates a strong statistical relationship between the two assets. This implies that changes in one of them are closely associated with changes in the other.

Given Bitcoin is the bigger asset and is also noting bearish cues, it is difficult to predict a bullish outcome for Shiba Inu. Thus, there is a good chance that the meme coin could have a bearish weekend.

Read More: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Shiba Inu (SHIB) Price Is Poised to Drop This Weekend  
Shiba Inu Correlation with Bitcoin. Source: IntoTheBlock

SHIB Price Prediction: Support Could Fail

Shiba Inu’s price has been trading under a downward trendline for the most part since the beginning of March. Even though the meme coin attempted breakouts in the past, it failed to retain the rally.

Consequently, SHIB is now threatened to fail the breach of the downtrend line and fall back to $0.00002093. Losing this support would result in a significant correction to $0.00001491.

Read More: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu (SHIB) Price Is Poised to Drop This Weekend  
Shiba Inu Price Analysis. Source: TradingView

Shina Inu must print a daily candlestick close above $0.00002584 to invalidate the bearish thesis. Such upward movement could break the descending trendline SHIB has maintained since March and push prices toward $0.00002835 or higher.

Top crypto projects in the US | May 2024

This article is sourced from the internet: Shiba Inu (SHIB) Price Is Poised to Drop This Weekend  

Related: Solana (SOL) Price Dips as Institutional Interest Declines – Can it Bounce Back?

In Brief Solana price fell by nearly 16% in the last 48 hours pulling the altcoin to $173. About $2.7 million were removed by institutions in the past week, but SOL remains the best-performing alt this month. Investors are still highly bullish for the altcoin, which could, in turn, put an end to this minor bearish stint. Solana (SOL) price continued its rise even as the rest of the market slowed down until the rally was abruptly stopped this week. The corrections that arose in the last two days seemingly negatively impacted the altcoin, but the reason behind the same is far more concerning. Is Solana Losing Institutions’ Favor? Solana’s price fell over the last two days, wiping out close to 16% of the gains noted by the altcoin recently.…


© Copyright Notice

Related articles

No comments

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