CandleFocus From 9 Trillion SHIB to 5 Trillion SHIB: What's Happening With Shiba Inu?
2024-10-03
Author: Content Editor
Shiba Inu (SHIB) has experienced a decline in whale activity, as evidenced by a decrease in large transaction volumes. However, the concentration of large holders is still high, indicating that whales still hold a significant portion of the supply. There is mixed sentiment among investors, with 46% currently in a loss and 49% profitable at the current price. SHIB is currently trading around $0.00001600 and potential support is expected at the 50 EMA level of $0.00001578. Breaking this support level could lead to additional downward pressure, while the next significant support is at $0.00001452. Resistance is currently encountered at $0.00001760, and a break above this level could enable a retest of the $0.00001800 region. However, building momentum for a long-term breakout may be challenging due to the drop in large transaction volumes. Despite the decline in whale activity, SHIB remains relatively stable, and investors should monitor the support and resistance levels mentioned.
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