Concerns arise as SHIB's recent price decline erases previous gains, but strong historical support and sideways movement hint at a potential reversal setup.
On-chain data indicates that 64% of SHIB holders are at a loss, yet upgrades like Shibarium, consistent token burns, and increased large-holder wallets suggest underlying strength.
Macro uncertainty such as geopolitical tensions and trade deadlines impact sentiment, but technical indicators and whale activity suggest SHIB is in a consolidation phase with breakout possibilities.
SHIB is down 0.86% in a day, with a 5.39% loss over the past week, currently at $0.00001158, a 45.21% drop year-to-date, prompting investors to evaluate short-term weakness.
Recent Shibarium upgrades aim to enhance transaction speed, while consistent token burns have removed over 320 million SHIB from circulation in the last month.
Whale activity surged, with large SHIB holders reaching a yearly high on June 16, hinting at potential market movements.
Technical analysis shows SHIB broke a downward trend on June 9 and is now trading sideways with potential breakout scenarios in play.
Indicators like RSI below 50.00 and MACD signaling potential exhaustion of sellers provide insights into the current market sentiment.
Price action at a major support zone of $0.00001150 suggests the possibility of a short-term reversal if bulls defend this level, with resistance levels at $0.00001230 and $0.00001380.
Traders are advised to monitor RSI for a bounce above 50, watch for a bullish MACD crossover, track breakout patterns above $0.00001230, and observe volume spikes for potential market direction signals.
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