Shiba

when

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-price-trends-and-whale-movements/" data-wpel-link="internal">Shiba Inu Price Trends and Whale Movements</a> 
Shiba Inu (SHIB) price has been dragged into uncertainties due to emerging trust issues and could face resistance even if a recovery process begins. This situation could potentially escalate the ongoing downtrend in the <a href="https://en.coin-turk.com/bitcoin-shows-signs-of-recovery-after-the-us-inflation-data-market-update/" data-wpel-link="internal">altcoin</a> to a new level, possibly pulling it below $0.00002000. 
<h2 style="text-align: justify" id="shiba-inu-comments-and-whales">Shiba Inu Comments and Whales</h2> 
Shiba Inu’s price has been unable to break its long-standing downtrend. Despite no bullish environment in the broader <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a>, the lack of resistance or bullish support for SHIB <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> has led to a decline on the SHIB side. 
Whales are known to be one of the most significant groups when it comes to meme coins. This is attributed to their ability to hold a significant portion of the circulating supply in their hands. 
Consequently, their activities tend to have a more substantial impact on prices than other investor groups. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-349243" src="https://coin-turk.com/wp-content/uploads/2024/05/shib-yillik-coin-turk-com.png" alt="" width="1086" height="670"> 
However, whale movements for SHIB currently do not look positive. Over the past two months, there has been a noticeable decline in their participation, with their transaction volume dropping from an average of $221 million to $60 million. 
On the other hand, Shiba Inu also seems to lack price support in broader <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market conditions</a>. The Relative Strength Index (RSI) appears unable to stay above the neutral line. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-349244" src="https://coin-turk.com/wp-content/uploads/2024/05/shb-rsi-coin-turk-com.png" alt="" width="1096" height="431"> 
Although SHIB’s RSI value has entered the bullish zone twice, the indicator suggests that it could not maintain a position above this zone. The time spent below the neutral level of 50 could indicate that the price might continue to decline. 
<h2 style="text-align: justify" id="shiba-chart-and-price-analysis">Shiba Chart and Price Analysis</h2> 
Shiba Inu’s price has been dominated by a downtrend for about a month. SHIB has made multiple attempts to break the existing trend line but has not succeeded. 
As of the time of writing, SHIB is trading above the $0.00002250 level, seemingly moving towards the existing support level of $0.00002093. 
If price movements continue to show bearish signals, Shiba Inu’s price could fall below the $0.00002000 level, potentially triggering a further drop towards the $0.00001473 support level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-349245" src="https://coin-turk.com/wp-content/uploads/2024/05/shib-grafik-coin-turk-com.png" alt="" width="1101" height="436"> 
Additionally, a potential break in the downtrend line could allow SHIB to surpass the $0.00002835 resistance level, potentially eliminating the bearish outlook. Following this, the significant resistance level of $0.00003000 could turn into support. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-price-trends-and-whale-movements/" data-wpel-link="internal">Shiba Inu Price Trends and Whale Movements</a></h5>

Shiba Inu Price Trends and Whale Movements

Table of Contents

COINTURK NEWS

Other articles published on May 8, 2024

Key Stocks to Monitor: Dr Reddy’s, PB Fintech, L&T, Jaiprakash Associates, JSW Energy – A Compreh...

Ethereum Whales Execute Major Transfers

3 American Celebrities Agree to Pay $2.42M in Voyager Lawsuit Settlement

Speculation Heats Up After Grayscale Withdraws Its Ethereum Futures ETF Application

XRP rally ahead? Analysts forecast surging highs amid legal challenges

Crypto Analyst Doubts $52,000 for Bitcoin: Shares the Level BTC Is Expected to Consolidate and Th...

Join our free newsletter for daily crypto updates!