Shiba Inu Price Prediction As SHIB Breaks Down From Key Support Level

As a seasoned crypto investor with battle-scarred fingers from navigating market volatility, I find myself standing at the crossroads once again, contemplating Shiba Inu (SHIB) amidst its latest price decline.


On August 15, the price of Shiba Inu showed a drop due to a broader market dip that lowered the overall crypto market cap by 3.1%. Yet, it’s possible that this is not the sole reason behind the fall of the Shiba Inu token. Negative sentiment among traders and major investors suggests the meme coin might face additional price declines in the near future.

Whale Outflow Impacts Shiba Inu Price

Over the past 24 hours, the value of SHIB dropped by about 1.5%, currently standing at $0.00001359, according to recent insights from IntoTheBlock. This data suggests that whales could be choosing to exit their SHIB holdings.

On August 13-14, there was a significant decrease (32.29%) in the large wallet inflows, suggesting that ‘whales’ might be disposing of their tokens. Simultaneously, there was an increase of approximately 48 billion SHIB ($657,000) into exchanges, as reported by CryptoQuant, indicating a net positive flow.

Over the past 24 hours, the open interest for Shiba Inu has risen by 3.75%. This indicates that more agreements or contracts for the trading of SHIB were initiated.

By examining a side-by-side comparison, we notice a 2.2% decrease in cumulative volume delta (CVD) during the same timeframe. An increase in open interest (OI) combined with a drop in CVD typically indicates the formation of Short positions. This situation frequently signals bearish market sentiment, which could account for the persistent bearish trend and the ongoing fall in Shiba Inu’s price.

Shiba Inu Price Prediction As SHIB Breaks Down From Key Support Level

Delving deeper into the Shiba Inu Liquidation Chart on Coinglass, we notice a striking disparity. Short positions are being liquidated more frequently than long ones, indicating a predominantly bearish outlook for Shiba Inu. This bias could stem from slow network expansion and less-than-favorable overall market circumstances.

Shiba Inu Price Prediction As SHIB Breaks Down From Key Support Level

Furthermore, the heavy trading activity at approximately $0.00001358 suggests a significant area of buyer attention, as demand strengthens around $0.00001327 and sellers tend to cluster near $0.00001387.

SHIB Price Loses Key Support

Analysis through technical methods reinforces the negative outlook shared by both small-scale and large-scale investors in relation to the Shiba Inu currency, suggesting a possible decrease in its price. The graphical representation shows a descending pattern, where SHIB has fallen below the lower limit of an ascending channel, thereby validating this downward movement.

In simpler terms, it seems that the value of this asset might hit support levels at around $0.00001350 and $0.00001100. If the drop continues, these areas could potentially act as bouncing points. Furthermore, the tightening Bollinger Bands indicate reduced volatility, a condition often followed by stronger downward pressure.

In simpler terms, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) seem to support a negative perspective, suggesting that the market might continue falling for a while. However, if the price takes a significant drop, there’s a possibility of a turnaround.

Shiba Inu Price Prediction As SHIB Breaks Down From Key Support Level

Should You Buy SHIB Now?

Despite the current decline in Shiba Inu’s price and its breakout from an uptrend channel, data from futures trading suggests that several large investors (whales) are planning to purchase SHIB at reduced prices. These significant investors have placed buy orders amounting to approximately $1.775 million, around the levels of $0.0000099, $0.0000109, and $0.0000119.

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2024-08-15 15:01