Shiba Inu (SHIB), the second largest meme coin, has many investors. The meme coin, known for gaining serious momentum over the past year, causing many people to multiply their fortunes, seems to be on the decline right now. Some investors sell their SHIB for this reason, while others buy at the bottom. So what are the next levels of SHIB? Here are the details…
Are Shiba Inu investors selling?
SHIB holders are known for hoarding tokens when the Shiba Inu price drops. But whenever the price of Shiba Inu rises, they immediately start selling. All this has been noticed before. Investors have purchased approximately 1.02 trillion SHIB, worth $10.6 million, as SHIB has fallen 64.3 percent in the last two months. All this buying is done with the desire to sell SHIB tokens when it starts its bullish rally. The instability of SHIB often allows the cryptocurrency to see dramatic jumps and deep losses every day.
Unfortunately, all signs point to a decreasing price at the moment. This is because the rally lost momentum days ago, giving the bears more strength. However, participation by SHIB holders began to dwindle as the price began to slide after an all-time high in May. As a result, the number of transactions was significantly reduced. At the time of writing, transactions have dropped from an average of 70,000 to 4.5k.
Analyst: Serious volatility is coming for SHIB
Meanwhile, a crypto analyst Filip L. also shared his thoughts on the coin. As Cryptokoin.com Shiba Inu price is trading in a narrow range today versus all previous ranges this week. SHIB price is looking for direction as the bulls try to avoid making new lows throughout the week. According to the analyst, a big boom in price action can be expected as the price action is extremely compressed. Shiba Inu (SHIB) price action sees buyers and sellers being pushed further towards each other on a narrow bandwidth of only $0.00000031 between today’s highs and lows.
According to the analyst, very narrow bandwidth cannot be observed in this case and will soon trigger the withdrawal of one of the parties. The Shiba Inu price has been seeing its price trade in the narrowest area it has been in for several months. Both buyers and sellers are trading so close to each other that both parties will pull the short end of the straw and be pushed out of their positions. The bears could get worse as the sentiment shifts somewhat in favor of the bulls.
According to the analyst, the SHIB price may therefore explode higher. The narrower the range, the greater the ensuing break. Therefore, SHIB price will likely rise to at least $0.00001400, which is the monthly pivot. However, it can go as high as $0.00001708, completely erasing the decline in May. He states that $0.00000600 can be seen in the possibility of a decrease.
Analyst: SHIB shows bearish trend
On the other hand, Shiba Inu price analysis reveals the market following a solid bearish trend, according to another analyst, Narmin. took it out. However, market volatility decreases, forcing resistance and support to converge. As a result, the upper limit of the Bollinger band is shown at $0.00001107, which acts as the strongest resistance for SHIB. Noting the Bollinger band, conversely, the lower border of the Bollinger band is located at $0.00001038, which acts as the strongest support point for the SHIB.
Shiba Inu price analysis also reveals that the Relative Strength Index (RSI) score is 44, causing SHIB/USD to fall below the stable zone. However, the RSI is trending slightly bearish, indicating a declining market and dominance of selling activity.
