Shiba Inu Price Drop Fears Rise As Large Transactions Decline: What’s The Next SHIB Price Level?
Recent data from Coinglass reveals that Shiba Inu price has experienced over $51K in liquidations in the past 24 hours, with buyers liquidating nearly $48K in long positions, indicating a weakening support level for the SHIB price.
A decrease in whale transactions often leads to reduced volatility in the price of Shiba Inu. When whales are less active, there are fewer large-scale buy or sell orders, which can stabilize the price. However, this can also mean less momentum for significant price movements. Additionally, the activity of whales is often seen as a barometer of investor sentiment. A decline in whale transactions might be interpreted as a lack of confidence in the short-term performance of SHIB, potentially leading to a bearish market sentiment.
Shiba Inu price continues to face bearish pressure in overcoming moving averages and it has remained below its 20-day Exponential Moving Average (EMA) at $0.0000097 in recent days, but sellers haven’t managed to push the price down to the support line. As of writing, SHIB price trades at $0.0000095, declining over 0.4% from yesterday’s rate.
The stable EMA trend lines and a Relative Strength Index (RSI) in bearish territory below the midline favor the sellers. If SHIB fails to rise from its current level or falls from the 20-day EMA, bears might attempt to drive the SHIB/USDT pair down to the $0.0000084 mark.
However, if SHIB breaks above the moving averages, it would suggest a weakening of bearish control. In that case, buyers could try to drive the pair towards the significant resistance zone at $0.00001 to $0.000012.
Over the last few hours, SHIB price is facing a surge in bullish dominance as the long/short ratio has surged above 1, currently trading at 1.377. SHIB price is set for an upward correction as 58% of total positions now expect a price increase.
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