Shiba

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Shiba Inu

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With a 13% decrease over the past day <a href="https://u.today/1-trillion-shib-in-24-hours-whale-activity-signals-massive-rally">Shiba Inu</a> saw a major decline. This drop comes after a robust rally earlier in the week in which <a href="https://u.today/2-and-110-billion-xrp-whats-next-shiba-inu-shib-enormous-move-for-erasing-zero-pepe-pepe">SHIB</a> broke through significant resistance levels and rose as high as $0.000033 before falling back to $0.000029. The price chart analysis revealed that SHIB had just broken out of a bullish pennant pattern.
It is unclear from the current correction though if this rally was sustainable or the product of overbought conditions. Due to <a href="https://u.today/316-billion-shib-what-happened-in-november">SHIB's</a> recent ascent into overbought territory the RSI indicates a cooling-off period. With 73% of SHIB holders still in the money at the current price level according to on-chain data most investors are still making money despite the decline.
<img data-entity-uuid="358d942c-8a45-4fdb-b26d-76bbddd75269" data-entity-type="file" src="https://u.today/sites/default/files/inline-images/image_1497.png" alt="SHIBUSDT" data-caption="<a href=&quot;https://www.tradingview.com/&quot;>SHIB/USDT Chart by TradingView</a>">
Furthermore the rally and subsequent sell-off appear to have been significantly influenced by large holders (74% concentration). The past seven days have seen a strong volume of transactions over $100,000 with $1.63 billion in value exchanged indicating that whales are actively participating. In the future a crucial support level is represented by the $0.000027 range.
A rebound driven by heightened interest from institutional and retail investors may be imminent if SHIB maintains this level. On the upside SHIB must break through resistance at $0.000033 and $0.000036 in order to maintain its bullish trend. Even after the decline <a href="https://u.today/shib-vs-doge-shiba-inu-closes-gap-with-20-price-explosion">SHIB </a>continues to show robust network activity. There appears to be confidence in the assets fundamentals given the large percentage of long-term holders (77% holding for more than a year).
If selling pressure persists or the market as a whole deteriorates it is impossible to overlook the potential for additional declines. The SHIB correction may be a necessary stage of consolidation. The asset may see another rally if support holds and market sentiment improves but investors should exercise caution and keep a close eye on important levels. <a href="https://u.today/shiba-inu-shib-loses-13-in-24-hours-whats-happening">Read original article on U.Today</a>

Shiba Inu (SHIB) Loses 13% in 24 Hours: What's Happening?

U_Today

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