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- Shiba Inu (SHIB) whales exit the market as transactions above 1000 SHIB have reduced by 80% in the last 12 weeks.
- Analysts expect the price of SHIB to hit $0.000081 in a 400% surge once it successfully holds above the crucial support level of $0.000011.
Shiba Inu (SHIB) remains one of the most affected cryptos in the ongoing broad market downtrend as it steadily declined by a considerable margin of 31% in the past 30 days to trade $0.000013. Within the period, the asset has moved from $0.000019 to $0.000012, marking an unexpected turnaround from its earlier target of $0.000045.
At press time, SHIB had negative returns across all the notable trading periods as it declined by 7.6% in the last 24 hours, 9% in the last seven days, 43% in the last 90 days, and 36% from year-to-date.
Looking into its on-chain activities, we found that investors are losing confidence in the asset as transactions above 1000 SHIB significantly reduced by 80% in the past 12 weeks. Also, whale activities have declined by 88%, as noted in our earlier post. Meanwhile, only 49 wallet addresses are reported to currently hold at least a trillion SHIB. According to analysts, this indicates that whales either exit the market or redistribute their holdings among smaller wallets.
Meanwhile, 61% of Shiba Inu supply is controlled by just 10 holders.
As mentioned in our earlier news brief, Santiment believes that this level of concentration also makes coins more volatile while, in some cases, signals confidence.
However, if these large holders keep holding or accumulating, it generally signals confidence in the project and can actually reward traders who collectively hold less power and rely more heavily on the behaviour of a few large key stakeholders. Regardless, it’s important to remember this level of concentration can make a coin more volatile, as a few players have the power to influence price movements.
Delving Into Shib Price Analysis
Analysts believe that SHIB could stage a strong rebound to hit $0.000081 in a 400% surge this cycle as a bullish formation of an Inverse Head and Shoulders appears to be taking shape.
On technical grounds, this pattern suggests that the asset could experience a bullish reversal in the future. Meanwhile, this also aligns with a previous prediction by an analyst called Javon Marks. As indicated in our earlier discussion, this analyst predicted that SHIB would hit $0.000081 in a 260% surge. At that time, the asset was trading at $0.00002208.
Currently, the Bollinger Bands are showing the existence of high volatility in the SHIB price. Our research shows that the price curve is trending below the middle band, indicating a bearish sentiment. Exploring other indicators, we also found that the MACD line is hovering below the signal line, confirming the bearish thesis.
Shiba Inu currently has a crucial support level of $0.000011. A decisive move below this level could be catastrophic as the asset would end up finding another support at a lower territory. However, a successful hold above this zone until the re-entry of bulls could send the price to the predicted point of $0.000081.
