SHIB Price Prediction: Whales Hold the Key to Shiba Inu Price Recovery

Shiba Inu price declined sharply on Tuesday, taking cues from the market leader, Bitcoin and mirroring the sharp decline in the performance of meme coins.

Shiba Inu (SHIB) price continues to trade in the red on Tuesday, following the market lead from Bitcoin and reflecting the meme coin’s performance. SHIB price is down 6% and trades at $0.0000158 at the time of writing. The dog-themed meme coin is down 16% in the last seven days and has declined 25% year-to-date, highlighting the bearish grip on the market.

Bearish Momentum, But Whales Hold Key To SHIB Recovery

The downward price action on SHIB is confirmed by its trading below the Volume Weighted Moving Average (VWMA) on the daily chart.🧿 SHIBUSD dropped to six-month lows on Monday before recovering to close the session with 8.3% in daily gains. But Tuesday’s drop saw it erase most of those gains, shifting the momentum to the downside.

Whale activity is key in determining the direction of Shiba Inu. According to data from CoinMarketCap, whales (those holding over 1% of the total supply) own 58.13% of SHIB tokens. Hence, the coin’s recovery will largely depend on whale activity in the coming days. In the medium term, SHIB will need to hold above the $0.0000125 level, which has been the support for the last year.

Shiba Inu Price Prediction

Shiba Inu pivots at $0.0000160, and resistance at that level will indicate control by the sellers. Immediate support is likely to be at $0.0000150. But stronger momentum will breach that level and potentially test $0.0000143.

On the flip side, moving above $0.0000160 will favour the buyers to take control. If that happens, SHIBUSD will likely move higher and encounter resistance at $0.0000165. The bearish narrative will be invalid if it breaches that level. In that case, the momentum could take the coin higher, with the second resistance coming at $0.0000172.