The once dominant Shiba Inu (SHIB) is enduring a severe cryptocurrency downturn, seeing a significant 26% price reduction in the last month. Current data indicates the meme token is trading at $0.00001476, with a market capitalization of around $8.7 billion. Despite a slight 1.35% increase in the past 24 hours, SHIB’s general trend remains bearish, indicative of larger market concerns.
Whale Exodus Endangers Shiba Inu Stability
Despite concerns over bearish indicators, some analysts spot optimism in SHIB’s price action. Crypto specialist Javon Marks highlighted an Inverse Head & Shoulders pattern, a formation that typically signals a potential price reversal.
According to Marks’ estimate, this configuration might raise SHIB by 400%, bringing its value to $0.000081. However, considering the state of the market today, such projections require careful interpretation.
$SHIB (Shiba Inu) prices maintaining the structure of a large Inverse Head & Shoulder and with the $0.000081 target still in play, an over 402% run to reach it could come out of this! https://t.co/WwgfDoTpcU pic.twitter.com/wuZ6c2yrlY
— JAVON
MARKS (@JavonTM1) February 22, 2025
Technical Analysis Paints Contrasting Picture
With $111 million worth of trades every 24 hours, SHIB controls 0.30% of the entire market. But investors don’t seem to be as sure of themselves because large transactions on the Shiba Inu network have dropped by more than 80% in the last 12 weeks. The sharp decline in whale activity shows that big players’ trust is fading, which makes crypto advocates worry about the short-term future of the coin.
Critical Support Levels Under Examination
Market analysts are attentively observing two critical support levels that may dictate SHIB’s outcome. The primary support level is set at $0.000011, with a secondary support established at $0.000008.
These price levels signify essential thresholds where purchasing demand has traditionally arisen to mitigate negative tendencies. A break beneath these thresholds could precipitate a more pronounced decline, whereas effective defense may restore buyer trust.
The Road Ahead For SHIB
The next few weeks will likely make or break Shiba Inu’s market situation. With a drop of 8% this week and a monthly loss of the same amount, the token is facing mounting challenges.
The significant disparity between the diminishing interest in whales and the positive technological forecasts has created ambiguity. A decline in large-scale transactions indicates that traders may exercise increased caution, while some maintaining optimism for an unexpected reversal.
As investors and holders monitor these developments, SHIB’s short-term trajectory may hinge on its ability to maintain its present price within a secure range.
Featured image from Gemini Imagen, chart from TradingView