Shiba Inu (SHIB) price has been dragged into uncertainties due to emerging trust issues and could face resistance even if a recovery process begins. This situation could potentially escalate the ongoing downtrend in the altcoin to a new level, possibly pulling it below $0.00002000.
Shiba Inu Comments and Whales
Shiba Inu’s price has been unable to break its long-standing downtrend. Despite no bullish environment in the broader market, the lack of resistance or bullish support for SHIB investors has led to a decline on the SHIB side.
Whales are known to be one of the most significant groups when it comes to meme coins. This is attributed to their ability to hold a significant portion of the circulating supply in their hands.
Consequently, their activities tend to have a more substantial impact on prices than other investor groups.
However, whale movements for SHIB currently do not look positive. Over the past two months, there has been a noticeable decline in their participation, with their transaction volume dropping from an average of $221 million to $60 million.
On the other hand, Shiba Inu also seems to lack price support in broader market conditions. The Relative Strength Index (RSI) appears unable to stay above the neutral line.
Although SHIB’s RSI value has entered the bullish zone twice, the indicator suggests that it could not maintain a position above this zone. The time spent below the neutral level of 50 could indicate that the price might continue to decline.
Shiba Chart and Price Analysis
Shiba Inu’s price has been dominated by a downtrend for about a month. SHIB has made multiple attempts to break the existing trend line but has not succeeded.
As of the time of writing, SHIB is trading above the $0.00002250 level, seemingly moving towards the existing support level of $0.00002093.
If price movements continue to show bearish signals, Shiba Inu’s price could fall below the $0.00002000 level, potentially triggering a further drop towards the $0.00001473 support level.
Additionally, a potential break in the downtrend line could allow SHIB to surpass the $0.00002835 resistance level, potentially eliminating the bearish outlook. Following this, the significant resistance level of $0.00003000 could turn into support.
