The Shiba Inu (SHIB) price has been struggling to note bullish cues for weeks, which could continue over the coming weeks.
This is because the little support SHIB noted from its investors is now disappearing.
Shiba Inu Investors Pull Back
Shiba Inu’s price is expected to note some drawdown or sideways action due to SHIB holders’ skepticism. Evidence of this is visible in the whales’ activity and retail investors’ actions.
The former are the most important group of investors as their moves directly impact price. A positive move leads to a rise, a negative result in a decline, and at the moment, it seems the latter could be the outcome.
The total volume of transactions worth more than $100,000, generally associated with whales, has taken a dive. At the moment, the daily transaction volume of whales has dipped to a low of $30 million.
This decline in transaction volume is also met with high selling from SHIB holders, intensifying the bearishness.
The realized profits on the network have spiked massively, reaching a three-month high. Spikes in this metric emerge from investors selling their holdings. This selling is either the result of profit-taking or investors offsetting their losses.
In the case of SHIB, it is the latter since investors are moving their assets to secure whatever gains they have amassed.
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This also indicates the surge in skepticism among SHIB holders.
SHIB Price Prediction: Consolidation Continues
Shiba Inu’s price is bound to move sideways since the investors are not explicitly bullish at the moment. SHIB could likely remain consolidated within $0.00002584 and $0.00002267. The larger range would keep the meme coin moving within $0.00002835 and $0.00002093.
The aforementioned cues also raise the chances of a decline, potentially sending SHIB to $0.00002267 or $0.00002093.
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If Shiba Inu’s price does manage to breach the resistance at $0.00002835, it could establish a two-month high. This is key in sending SHIB to $0.00003000 to invalidate the bearish thesis.
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