Key Points:
- 71% of SHIB holders face losses in the last 18 days.
- $190 million in SHIB tokens are at risk of loss.
- SHIB price may drop by 16%.
Shiba Inu’s price has been falling. There was a small recovery due to Bitcoin’s rise. SHIB almost hit its yearly low recently. Despite this, the price could drop another 16%.
Price Action and Resistance Levels
SHIB’s trend is down. It moves in a falling channel, showing strong selling pressure. On August 3, SHIB broke down from a falling wedge. This is rare because falling wedges usually mean a price increase.
SHIB’s price found some support at $0.000012. There is stronger support at $0.00001. It faces resistance at the 50-day ($0.00001425) and 200-day ($0.00001628) moving averages. If SHIB can’t move back into the wedge, it might drop 18% to $0.00001082.
Mixed Signals from Indicators
The Relative Strength Index (RSI) is at 47.61. This means the asset is neither overbought nor oversold. The Chaikin Money Flow (CMF) is at 0.03. This shows slight buying interest.
Volume has been steady during the recent small rise. This suggests the bearish trend might continue unless there is a strong breakout.
Holders at Risk
Data from Coinalyze shows SHIB open interest dropped by 4.54% in the last 24 hours. This means money is leaving the SHIB market. The recent small uptrend might be ending, and the bear trend could continue.
Over 26,000 SHIB holders are at risk. Their 14.29T ($190 million) tokens might soon face losses. These will join over 542T ($7.24 billion) tokens that have been underwater for almost three weeks, according to IntoTheBlock data.
Future Outlook and Possible Reversal
For SHIB to recover, buy pressure and volume need to rise. If SHIB surpasses $0.00001344, it might re-enter the wedge, turning the trend bullish again. A break above the 50-day moving average might lead to a bullish breakout towards $0.00001625 and $0.000018.
Traders should watch these key levels. The next few days will be crucial to see if SHIB can avoid further drops and start a new upward trend.
