As of June 17, Shiba Inu (SHIB) is priced at $0.0000119, reflecting an 18% drop over the past month. However, technical analysts observe a potentially bullish formation that could lead to a significant price rally.
Current Market Situation of SHIB
Shiba Inu (SHIB) navigates uncertain waters, trading at $0.0000119 on June 17 after an 18% drop over the past month. A symmetrical triangle formation on the charts is emerging, potentially indicating an upcoming bullish breakout. If SHIB can break above the upper boundary of the triangle and key resistance at $0.0000126, it may signal a shift toward a bullish market.
211 Million SHIB Sold at a Loss: What Does It Mean?
On-chain data from Santiment shows that on June 16, over 211 million SHIB tokens were sold at a loss, marking the highest amount recorded since March. Analysts interpret this as a classic signal of capitulation, indicating that short-term traders are exiting the market. Historical data reveals that similar loss-driven sell-offs in the past have often preceded price recoveries, allowing long-term holders to regroup.
Resistance Levels and Possible Breakouts
Despite the potential for growth, SHIB faces several technical hurdles. The 50-day simple moving average remains a key short-term resistance level. A breach of this level could validate the bullish pattern. Additionally, the 200-day moving average at $0.0000168 is another critical threshold; crossing this line could initiate a larger rally. The Relative Strength Index (RSI) currently stands at 37, signaling weak momentum, but a drop closer to 30 could suggest waning selling pressure.
While short-term sentiment around SHIB remains cautious, a combination of technical formations and investor behavior suggests a pivotal moment may be unfolding. The speculative nature of memecoins warrants a balanced view of the emerging signals.
