The meme coin market has been quiet recently due to some economic news and Bitcoin’s bearish trend below $60,000. With Bitcoin still struggling to attract buyers, the popular meme coin Shiba Inu has been holding steady around $0.000014. As a result, interest from large investors has decreased, which could make it harder for Shiba Inu to break out of its current range.
SHIB Whales Lose Confidence
Though Shiba Inu has been consolidating for over the past few days, the open interest and trading volume face a minor upward surge. Data from Coinglass states that the trading volume of SHIB surged by 60.5% and the open interest rose over 7.4% to reach $27.8 million.
Despite this, the dominance of whales continues to decline for SHIB price. IntoTheBlock data reveals that Shiba Inu is experiencing a massive negative shift in Large Holders Netflow. This metric indicates changes in whale positions, where spikes suggest accumulation by large players, while drops indicate reduced holdings or selling.
This could suggest that large holders are reducing their positions or potentially selling. Both profit-taking and market sentiment may be influencing this trend. Additionally, the large transaction volume for Shiba Inu has witnessed a steep drop in recent weeks.
The metric dropped from the peak of $119 million to only $24 million, which might plunge the buying pressure SHIB needed to initiate a recovery rally. However, there’s still hope of a comeback as large holders are taking advantage of the current market dip.
ITB’s data shows that in the past seven days, transactions exceeding $100,000 have risen to $143 million. Although this is lower than volumes seen during a strong bull rally, it represents an almost 60% increase from the previous week. This significant uptick indicates that large holders are beginning to capitalize on lower prices to buy the dip.
What’s Next For SHIB Price?
Shiba Inu’s recovery is encountering resistance at the 23.6% Fib channel around $0.000014. However, bulls are strongly defending a drop below the EMA20 trend line as SHIB aims for an end to its bearish consolidation. As of writing, SHIB price trades at $0.000014, surging over 4.1% in the last 24 hours.
A rise above the 20-day EMA implies that the bulls are attempting to establish a new resistance, increasing the chances of breaking above the 50-day simple moving average ($0.0000155). This could send the SHIB/USDT pair towards $0.000018.
On the other hand, if the $0.0000123 support level fails, it would suggest that bears are maintaining their selling pressure. The pair could then drop to $0.0000108, with the next key support at $0.000009.
The RSI level is currently surging and it is nearing the overbought region at level of 67. This might create an immediate rejection and bearish pullback in the SHIB price chart as the price is struggling around $0.000014.
