Bitcoin (BTC) price’s decreasing upward momentum continues to support a sideways trend in altcoins, including Shiba Inu (SHIB). The second-largest meme token has shown considerable volatility over the past two weeks, oscillating between horizontal levels of $0.00001 and $0.00000934.
Shiba Inu’s Price Rebounds
The rejection candles on both sides may highlight increasing uncertainty among market participants. Amid the crypto market’s renewed recovery efforts, Shiba Inu’s price bounced back from its local support of $0.00000934 on February 24. This positive turnaround has led to a 4% increase in SHIB’s price over the last three days, pushing it to the current trading range of $0.00000973. However, experts suggest that the meme token’s comeback is still supported by weak momentum and buyers may need a breakout above $0.00001 to escape the ongoing consolidation.
Moreover, a breakout in the altcoin could only lead to a 5-7% price increase and might reach the long-standing resistance trend line. This dynamic resistance could be part of a falling wedge formation that carries the current downtrend in Shiba Inu. Therefore, the popular meme token may remain in a downtrend until this channel pattern is confirmed as robust. Additionally, as reported by SpotOnChain, a crypto whale identified as 0x30e distributed 421.6 billion SHIB tokens worth $3.98 million.
Massive Transfer in SHIB
Among the transactions was the transfer of 311.6 billion SHIB to Binance and the sale of 110 billion SHIB on a DEX for 1.01 million USDT. The mentioned sale resulted in a loss of $6.32 million or a 61.4% decrease after being held for 2.5 years. This move could support the SHIB price and potentially extend the current downtrend. Conversely, cryptocurrency investors hoping for a rise in this popular meme token may wait for a breakout above the general trend line for a better entry opportunity.
