Shiba

2024

Shiba Inu

Spot

Shiba Inu Price: The waning bullish momentum in the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> continues to bolster the sideways trend in altcoins, including SHIB. The second-largest meme cryptocurrency has been highly volatile for the past two weeks resonating between $0.00001 and $0.00000934 horizontal levels. The long-wick rejection candles on either side accentuate the increasing uncertainty among market participants. Here’s how this consolidation may influence the near-term future of <a href="https://coingape.com/shib-army-petition-for-shiba-inu-etf-by-grayscale-what-are-the-odds/" rel="noopener noreferrer nofollow">Shiba Inu</a>.
Also Read: <a href="https://coingape.com/shiba-inu-news-shibarium-nears-400-mln-transactions-amid-sheboshi-first-listing/" rel="noopener noreferrer nofollow">Shibarium Gears Up To Clock 400 Mln Transactions Amid SHEboshi’s First Listing</a>
<h2 id="b-why-shiba-inu-price-prolong-downtrend-b">Why Shiba Inu Price Prolong Downtrend</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/h/HieNXggC.png" alt="BINANCE:SHIBUSDT Chart Image by sahilmahadik07">
Amid the renewed recovery in the crypto market, the <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">Shiba Inu price</a> rebounded from the local support of $0.00000934 on February 24th. The positive turnaround has surged the prices by 4% in the last three days to the current trade at $0.00000973.
However, the reversal is still backed by weak momentum, and the buyers would need a breakout above $0.00001 to escape the current consolidation. Having said that, the breakout may only surge the price by 5-7% and hit the long-coming resistance trendline.
<blockquote>
 This dynamic resistance is part of a falling wedge pattern that carries the current downtrend in Shiba Inu. Thus, until this channel pattern is intact, the popular memecoin will remain in a downtrend.
</blockquote>
Moreover, A whale, identified as 0x30e, has offloaded 421.6 billion <a href="https://coingape.com/shiba-inu-team-alerts-community-to-rising-scam-threats/" rel="noopener noreferrer nofollow">SHIB</a> tokens worth $3.98 million, as reported by SpotOnChain. The transactions included a transfer of 311.6 billion SHIB to Binance and the sale of 110 billion SHIB for 1.01 million USDT on a DEX. This sale resulted in a staggering loss of $6.32 million, or a 61.4% decrease, after holding for 2.5 years. This move may promote the SHIB price and is likely to prolong its current downtrend.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whale 0x30e allegedly sold 421.6B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> ($3.98M) at ~$0.0₅9437 in the past 6 hours, including: • deposited 311.6B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> ($2.97M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> • sold 110B <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> for 1.01M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> on DEX.
 Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!… <a href="https://t.co/CGfN7CL42g" rel="noopener noreferrer nofollow">pic.twitter.com/CGfN7CL42g</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1761198652838793715?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 24, 2024</a>
</blockquote>
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Conversely, the market participants bullish on this memecoin, may wait for a breakout above the overhead trendline to obtain a better entry opportunity.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The narrow range of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator reflects high volatility in this asset</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily RSI slope at 56% reflects a neutral to positive outlook among traders.</li>
</ul>
The post <a href="https://coingape.com/markets/will-shiba-inu-price-have-a-hold-0-00001-by-feb-end/" rel="noopener noreferrer nofollow">Will Shiba Inu Price Have a Sustainable Hold Above $0.00001 By Feb-End?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will Shiba Inu Price Have a Sustainable Hold Above $0.00001 By Feb-End?

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