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Sujit Kumar
Nov 26, 2024
by Sujit Kumar

Shiba Inu Dips 13% as Market Sentiment Wanes

Shiba Inu Dips 13%

Table of contents

  1. Bearish Patterns and Key Levels
  2. Broader Market Impact
    1. Whale Activity and Future Prospects
Shiba Inu (SHIB) has plunged 13% in the last 24 hours, following a strong rally that initially fueled optimism among investors. The decline comes as major holders, or whales, appear to have offloaded significant amounts of SHIB, reducing buying pressure. This sell-off reflects waning enthusiasm, with trading volumes also showing a noticeable drop.

Bearish Patterns and Key Levels

SHIB's price is currently consolidating within a bearish descending triangle, a technical pattern often associated with continued declines. To regain momentum, SHIB must stabilize above the $0.00002300 support level. Failure to hold this could push the price lower, with $0.00002050 acting as the next critical support. On the upside, SHIB needs to break through the $0.00002700 resistance level to revive its bullish trajectory.

Broader Market Impact

The shift in sentiment aligns with challenges faced by the larger cryptocurrency market, including Bitcoin’s recent decline, which has heightened caution among altcoin investors. As SHIB often mirrors broader market trends, its outlook depends heavily on the overall crypto market recovery.

Whale Activity and Future Prospects

Recent whale sell-offs suggest a lack of confidence in SHIB’s ability to sustain its rally. However, a strong recovery at key support levels and improved market conditions could entice whales to reenter the market, potentially sparking a renewed rally. For now, cautious optimism and market vigilance are key.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Shiba Inu Dips 13%
Shiba Inu Dips 13% as Market Sentiment Wanes
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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