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- SHIB price has been bearish over the past few days, and fell by about 9%.
- Shiba Inu remains red, despite whales buying the dip.
Shiba Inu whales have made significant moves worth about 30 Billion tokens. However they are unable to turn the SHIB price positive. Over the past few days, Shiba Inu has marked a significant downtrend by falling by about 9%. Rising trading volume indicates ongoing selling pressure. The purchases made by the whale wallets showcased the growing interest of crypto whales in SHIB after the Shibarium Beta Testnest launch. Meanwhile, the burn rate for Shiba Inu increased by 244.70% in the last 24 hours. Despite several bullish activities, SHIB price continues to fall and mark a downtrend.
The Pictorial
Source: SHIB/USDT by TradingView
SHIB price forms a range-bound movement and a rising regression channel. The price broke down after facing rejection at the resistance near $0.00001163. The price marked a drop of about 9% and can look for support near $0.00001038. The falling SHIB price recaptured the 200-EMA. Rest of the EMAs are floating above the current price action. The Bollinger Band contracts and mirrors the range bound price action. The bands also diverge after the price drop. The flat OBV suggests a stagnant market for Shiba Inu.
Source: SHIB/USDT by TradingView
Shiba Inu price dip may amplify the ongoing bearish trend, as displayed by Super Trends. The present dip is although heavily bought by the whales, which can soon establish an uptrend for SHIB. The CCI drops to negative 160-range to reflect the difference between the present price of Shiba Inu and its historical prices. The MACD undergoes a bearish divergence and records tall seller bars in the region below the zero-histogram mark. The RSI drops close to the 40-range and marking increasing seller interest.
The Peephole
Source: SHIB/USDT by TradingView
In the four-hour time frame, Shiba Inu price formed a staggered fall and marked a downtrend in Super Trends. The CCI rises close to negative 100 from lower ranges, suggesting a contracting gap between present price and historical prices of SHIB. The MACD widens the bearish divergence and records massive seller participation. The RSI drops to the oversold zone and represents the sentiments of the overwhelmed sellers.
Conclusion
Shiba Inu price continues to fall in the daily time frame. The drop of 9% was observed after price brokedown from the regression channel. The price reversal occurred after facing rejection at $0.00001163. The whale activity and the increasing burn rate were unsuccessful in establishing an uptrend. The holders of SHIB can rely on the support near $0.00001038.
Technical levels
Support levels: $0.00001038 and $0.00000899
Resistance levels: $0.00001163 and $0.00001255
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
