Popular meme coin Shiba Inu was in the red again on Friday after losing three days in a row. Meanwhile, SHIB whales have started their big harvest after predicting a weekly high of $0.00001792. According to crypto analyst John Isige, the 200-day SMA is the last line of defense for SHIB.
New capitulations hit Shiba Inu
The Shiba Inu has been tirelessly seeking support after another pullback in the past 24 hours. Earlier in the week, Shiba Inu along with Dogecoin made headlines as they changed course north due to a surge in liquidity attributed to the hype surrounding the upcoming Ethereum Merge. Crypto analyst John Isige provides the following technical analysis for the Shiba Inu.
If SHIB rises from possible support at $0.00001250, investors will mimic the activity observed in whales this week. Thus, they will have a chance to buy low and then sell higher. On the contrary, trading below the same support will force the altcoin price to retest the next solid at $0.00001040.
The Shiba Inu lost a significant portion of its value after whales timed Tuesday correctly. Whales were most active between August 14 and 19, according to Santiment’s Whale Transaction Issue ($100,000 above). These high-volume investors initially pushed SHIB higher. However, more whales started selling at or near $0.00001792 weekly.
The upside move found support from speculation around Ethereum Merge in September. This encouraged individual investors to get on board. However, whales heralded the top and triggered a bearish correction. The same individual investors faced new capitulations. That’s why it’s hard for the Shiba Inu to break free from the shackles of fall that he’s been trying to escape from for so long.
Number of Shiba Inu whale transactionsWhat’s next for the SHIB price?
Shiba Inu price exhausted the sharp downtrend with the help of the strong support formed by the 200-day Simple Moving Average (SMA) at $0.00001250. The meme coin is trading at $0.00001326 at press time. The bulls are dealing with tough resistance at the 100-day SMA.
In the Shiba Inu, a reflex recovery will occur after a 10.50% drop and oversold conditions. Signals from the Relative Strength Index (RSI) indicate that the Shiba Inu is ready to retake the lost ground at $0.00001792. This implies that it will likely go to $0.00002000.
SHIB daily chartThe Shiba Inu dropped from $0.00001792 to $0.00001250 in less than 24 hours. However, increased backup will not come without difficulties, especially at the 50-day SMA and the seller congestion zone at $0.00001600. On the downside, if the $0.00001250 support breaks down, a continuation of the Shiba Inu downtrend is likely. Along this line, a drop to $0.00000140 is likely.
SHIB individual holders buy last price drop
As you follow on Kriptokoin.com, the Shiba Inu lost three days in a row. In addition, it was in the red again on Friday. The loss followed major SHIB token holders taking profits as the crypto market was risk-free.
https://twitter.com/santimentfeed/status/15604605945474004225
According to on-chain data, several wallets with significant holdings have been lowering their SHIB positions recently, possibly due to profit making. The main culprits here seem to be ‘investors’, which are addresses that own between 0.1% and 1% of the SHIB circulating supply, according to IntoTheBlock. The circulating supply of Shiba Inu is approximately 549 billion. This metric shows addresses that occupy a sizable position in this crypto.
IntoTheBlock provides a distinction between this category and whales, which hold more than 1% of the Shiba Inu’s circulating supply and are thus larger ‘investors’. Incidentally, individuals refer to any address other than these two.
Shiba Inu ownership by concentration / Source: IntoTheBlockAccording to data from IntoTheBlock, there has been a shift towards individual addresses in the last few days of the Shiba Inu price drop. On August 14, the day Shiba Inu rose 36%, individual addresses had a balance of 188.87 trillion SHIB. Also, 114.38 trillion belonged to the category of ‘investors’ and whales had 680.07 trillion SHIB.
On August 18, when the SHIB fell even further, individuals now held 190.09 trillion SHIB positions. This marked an increase of over 2 trillion SHIB for category holders. The balance held by ‘investors’ was SHIB 112.7 trillion, down over SHIB 2 trillion. Whales held a slightly higher balance at 680.53 trillion SHIB. This means that the Shiba Inu has been abandoned by whales or ‘investors’. On the other hand, it shows that individual addresses receive it.
Shiba Inu trading volume increased by 27%
Despite the decline seen in the price of SHIB, 24-hour trading volume increased by 27.89% according to data from CoinMarketCap. Trade volume is among the most important metrics for SHIB. According to experts, an increase in trading volumes indicates that investors’ interest in SHIB remains intact.
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