Shiba Inu price rally stalls at $0.0000030 – analysis
2024-11-19

Despite booking sizeable monthly timeframe gains, Shiba Inu’s price performance has lagged behind its rival memecoins including Dogecoin, PEPE and Solana-hosted BONK.

Dogecoin price was mainly driven by Trump’s confirmation of Elon Musk’s involvement in the incoming administration, the likes of PEPE and BONK have also lifted be recent listings on major exchanges including Robinhood and Coinbase.

SHIB has now stagnated around the $0.000025 level. On-chain data trends suggest this consolidation phase is at risk of further retracement. Since Shiba Inu price retraced from the monthly timeframe peak of $0.000030 on November 13, whale investors have dialed down demand considerably.

However, the $700 million decline in whale demand now puts SHIB at risk of further downswings.

In terms of short-term price projection, SHIB technical indicators are also signaling a potential pull-back towards $0.000023.

The Donchian Channels, calculated using the 20-day high and low, illustrate a tightening price range. SHIB’s price is currently hovering near the lower boundary of the channel, around $0.00002326. This suggests weakening bullish momentum as sellers test the lower end of this critical range.

A close below $0.000023 could trigger additional sell-offs, exposing SHIB to a retest of its next support at $0.000020, which aligns with the lower Donchian threshold from early November.

Given the weakening whale demand and bearish technical signals, Shiba Inu appears poised to test the $0.000022 support level in the coming days. If sellers breach this zone, SHIB risks falling further toward $0.000016, a key support level last tested in October.