Shiba Inu's recent drop below a key support level raises concerns in the market. Large holders are offloading their assets, potentially putting pressure on the price.
Current Market Status of Shiba Inu
Shiba Inu is experiencing a significant decline, trading below the 100 EMA and nearing the 200 EMA. In the last 24 hours, the price has dropped by -1.70%, reaching $0.00002142.
Role of Large Holders in SHIB Dynamics
According to on-chain metrics, SHIB addresses holding significant amounts ($1 million-$10 million) have reduced by -10.17%, with more substantial assets experiencing a -28% decline. This behavior might indicate profit-taking and reduced optimism in the short term.
Future of SHIB: Key Levels and Projections
Two critical resistance levels are on the horizon—$0.00002500 and $0.00003000, with $0.00002000 acting as a pivotal support level. If not maintained, a drop to $0.00001750 might occur. Rekindled interest from large holders and development of new use cases could play a key role in its future growth.
Without increased buying pressure, SHIB might continue to decline, although minor investors show some interest. The current situation requires caution from investors.
