Why is SHIB Price Dropping Despite Support?
Shiba Inu (SHIB) is at a crossroads again, raising big questions for traders: Is a bounce around the corner or are whales signaling a deeper decline? Here’s a closer look at SHIB's current status and a short-term Shiba Inu price prediction based on market trends and on-chain activity. Price Holds Key Support—But for How Long? At the time of writing, SHIB trades at $0.00001275 after a modest 1.47% intraday dip and a marginal weekly decline of 0.16%. It’s been ranging between $0.00001274 and $0.00001360 in the past 24 hours. Notably, the 9-day Simple Moving Average (SMA) has flattened near $0.00001274—signaling that SHIB is testing a key support zone. If the price closes below this mark, we may see a drop to the psychological support at $0.00001200. However, a potential double-bottom pattern near $0.00001200 could hint at a reversal if SHIB holds above $0.00001270. Whale Activity Signals Caution On-chain data shows troubling signs. Whales are steadily reducing thei...