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Shiba Inu Continues Downward Trend Amid Slowed Whale Accumulation and Potential Selloffs

Shiba Inu Continues Downward Trend Amid Slowed Whale Accumulation and Potential Selloffs

Explore our detailed SHIB price prediction as we analyze current market trends and investor behavior.
3 minutes
28.04.2024
Editor Satoshi`s Secrets
Shiba Inu Continues Downward Trend Amid Slowed Whale Accumulation and Potential Selloffs

In Brief

The price of Shiba Inu is trending downward within a descending channel and is expected to keep dropping after an unsuccessful attempt to break out. Whale investors have reduced their purchasing pace, acquiring only $328 million in SHIB over the past two months. Profitability analysis of active addresses reveals that more than 20% of investors are currently in profit, suggesting they might be considering selling.

At present, Shiba Inu (SHIB) is experiencing bearish pressure, which could lead to further decreases in the meme coin’s value.

The potential for investors to mitigate this downtrend exists, yet current trends suggest they are more inclined to sell than to buy.

Profit Eludes Shiba Inu Investors

Shiba Inu’s value is likely to continue showing a pattern of red candlesticks on the daily chart, indicating a lack of bullish momentum among current holders. Predominantly owned by whales, the coin is seeing a decline in accumulation activity.

The leading whale addresses, excluding those on exchanges, have acquired just over 13 trillion SHIB, valued at approximately $328 million, in the past two months. This suggests a diminished enthusiasm for accumulating more of the token among SHIB investors.

Shiba Inu Whale Holding. Source: Santiment

This situation might prevent SHIB from receiving any significant recovery support from whale investors.

Compounding the issue, retail investors also display a lack of optimism. Many of these investors are looking to sell their holdings, as evidenced by the distribution of active addresses based on profitability.

Currently, approximately 21% of the investors transacting on the network are in profit, which is a worrying sign. It’s probable that these SHIB holders are considering selling off their assets in response to falling prices. By doing so, they aim to mitigate their losses, potentially leading to a dump of their holdings until more favorable market conditions emerge.

Shiba Inu Active Addresses by Profitability. Source: IntoTheBlock

As a result, the altcoin is poised to suffer.

SHIB Price Prediction: Holding Its Course

Shiba Inu’s price has been tracking within a descending channel for the past month and a half and is likely to continue in this pattern. This trend persists due to the meme coin’s recent failure to break above the upper trend line.

Furthermore, considering the behavior of investors and overall market conditions, it is probable that the cryptocurrency will decline further to test the lower trend line as support once again. This scenario sets a potential drawdown target at $0.00002039.

SHIB/USDT 12-hour chart. Source: TradingView

However, if SHIB manages to bounce off the support level at $0.00002268, it could initiate a recovery. Breaking through the upper trend line would nullify the bearish outlook, potentially driving Shiba Inu’s price up to $0.00002835.

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