The meme coin market, specifically Shiba Inu (SHIB), remains quiet amidst economic news and Bitcoin's bearish trend. Despite current challenges, SHIB demonstrates stability, leading to varying reactions from large investors.
SHIB Whales Lose Confidence
According to Coinglass data, SHIB trading volume surged by 60.5%, and open interest rose by 7.4% to $27.8 million. However, IntoTheBlock data reveals a significant decline in large investor sentiment. Large transactions volume has dropped sharply in recent weeks, from $119 million to $24 million, which could decrease buying pressure needed for a recovery rally.
Current and Future Prospects of SHIB Price
Currently, SHIB trades around $0.000014, rising over 4.1% in the last 24 hours. Despite resistance, bulls are defending this level and aim to end the bearish consolidation. A break above the 20-day EMA could lead the SHIB/USDT pair to $0.000018. However, if the $0.0000123 support fails, the price could drop to $0.0000108 or lower. The RSI indicator nears the overbought region, potentially causing a pullback.
The Shiba Inu market remains dynamic and primarily influenced by large investor activity. Current technical levels and the behavior of the RSI indicator play key roles in determining the future price direction.
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