Shiba Inu (SHIB) price is facing weakness at the time of writing, which could lead to further declines for the meme coin.
Investors may argue against this, but their intentions now seem to be toward selling rather than accumulating.
Shiba Inu investors do not see profits
The price of Shiba Inu can be observed as a red candlestick forming on the daily chart as investors are not acting very optimistic at the moment. Meme coins, which are dominated by whale holders, are showing signs of slowing down in accumulation.
The top whale addresses removing exchange wallets added just over 13 trillion SHIB, worth about $328 million, over the past two months. This indicates that SHIB holders have no incentive to accumulate tokens.
This may result in SHIB losing any boost it may have received from the whale regarding recovery.
Read more: How to Buy a Shiba Inu (SHIB) and Everything You Need to Know
To make matters worse, individual investors aren’t very keen on being optimistic. These investors want to sell their assets, which can be observed when distributing active addresses through profitability.
It is concerning that approximately 21% of investors currently trading on the network are making profits. This is because SHIB holders are likely to look to sell amid falling prices. Since this will offset their losses, they can dispose of their holdings until more profitable market conditions emerge.
As a result, altcoins will suffer.
SHIB Price Prediction: Stay in Your Lane
Shiba Inu prices, which have been moving within a downward channel for a month and a half now, will remain the same. This is because MEMCOIN has recently failed to break through the upper trend line.
Additionally, depending on investor behavior and market conditions, the cryptocurrency asset is likely to decline to test the lower trend line as support once again. This leaves a potential downside target at $0.00002039.
Read More: Shiba Inu (SHIB) Price Prediction for 2024/2025/2030
However, if SHIB can circumvent these conditions by rebounding the support at $0.00002268, it could bounce back. A break above the upper trend line would invalidate the bearish argument, pushing the price of Shiba Inu towards $0.00002835.
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