Shiba Inu Price Prediction as $100 Million Trading Volume Sends SHIB Down 3% – Are Whales Selling?
The price of Shiba Inu (SHIB) has declined by as much as 3% in the past 24 hours, having dropped to $0.00000819 on a day when the cryptocurrency market has barely moved.
SHIB's fall today follows a weekend which saw a big selloff for the market as a whole, with the meme token now down by 22% in the past week, even though it remains up by 4% in the last 30 days.
However, SHIB's weakened position seems to have made it more attractive to buyers, with on-chain data suggesting that whales have begun accumulating the coin again, in the expectation of an incoming rebound.
SHIB's volume has declined to $100 million in recent days, creating a market shallowness that could result in a big upwards jump if a whale or large investor were to come in with a big order.
The meme token's relative strength index (purple) has fallen close to 40 and looks as though it could dwindle all the way to 30, at which point it would be due for a recovery.
Likewise, SHIB's 30-day moving average (yellow) has ceased the climb it began just over a week ago, with the indicator likely to fall further below the coin's 200-day average (blue) before things begin to pick up again.
One positive out of all this is that SHIB's support level has largely held up in the face of big selling pressure, with the coin refusing to fall below $0.00000810, which is basically where it began the year.
As such, it's credible to suggest that SHIB isn't going to fall much further in the next few days, with the coin therefore set to begin a steady recovery.
Indeed, there are signs that whales are now beginning to accumulate the meme token in the expectation of a rebound.
Part of the reason for SHIB's disproportionate losses (in relation to the rest of the market) is the launch of
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