Shiba Inu (SHIB) Price Tests Resistance, Whale Activity Declines

Shiba Inu (SHIB) is currently trading at approximately $0.00001189, showing a 2.30% increase over the past 24 hours

Shiba Inu (CRYPTO: SHIB) showed strength on Wednesday, advancing 2.30% in the past 24 hours as it tested a key resistance level.

Shiba Inu Price Action: Shiba Inu is currently trading at $0.00001189.

The meme coin has been moving within a descending channel pattern since early 2025, according to technical analysis.

Shiba Inu is now trading at a critical juncture, testing the upper boundary of this channel.

Crypto trader BitGuru shared an optimistic view on SHIB’s prospects, highlighting “strong bullish candles” forming at the price pushes against the resistance zone around $0.000012.

This persistent resistance level has repeatedly stalled upward advances in recent trading sessions.

“If buyers can defend the $0.00001188 level, turning it into support, we could see a swift rally towards $0.00001204,” BitGuru said.

His trade setup includes an entry range between $0.00001184 and $0.00001188, with a take-profit target at $0.00001204 and a stop-loss at $0.00773.

What To Know: Trading data from Coinglass showed professional traders are mostly bearish on SHIB.

The Long/Short Ratio sat at just 0.69, well below the neutral threshold of 1.0, indicating more short positions than long ones.

In fact, 59.17% of top traders had short positions on the dog-themed token, compared to 40.83% who maintain long positions.

This professional skepticism contrasts sharply with broader community sentiment.

According to CoinMarketCap polling data from nearly a million participants, a whopping 88% of general market participants are bullish on Shiba Inu, compared to just 12% feeling bearish.

This divergence between professional traders and the wider community highlights the unique market dynamics surrounding meme coins, where retail enthusiasm often plays a significant role.

On-chain data from IntoTheBlock pointed to declining activity from whales for SHIB.

Large transactions between $1 million and $10 million dropped by 50% over the past three months.

This reduction in institutional-scale trading suggests decreased interest from deep-pocketed investors, potentially adding to the selling pressure on the token.

Meanwhile, exchanges reported an inflow of $1.70 million worth of SHIB in the past 24 hours.

This movement of tokens to exchanges typically precedes selling activity, as investors usually transfer assets to trading platforms when they intend to liquidate positions.

Despite these concerning on-chain signals, SHIB’s trading volume increased by 15% alongside its modest price gain, indicating heightened market participation and liquidity.

The token maintains a substantial market capitalization of approximately $7.01 billion, securing its position among the top tier of altcoins. Daily trading volume exceeds $131 million, providing adequate liquidity for most traders.

Shiba Inu Price Action:

Shiba Inu trades at $0.00001189 at the time of writing, showing a 2.30% rise over the past 24 hours.

Shiba Inu is down by 4.67% over a seven-day period.

See More: Top Crypto Gainers (Week) and Losers (Week)

Related Link: Want To Buy 50 Billion Shiba Inu Tokens? This Crypto Startup Is Offering A Unique Investment Opportunity

This content is written using AI and factual data from the mentioned sources. The aim is to provide informative and comprehensive content.

Note that any investing decisions should be based on consultation with a professional financial advisor and considering individual risk tolerance and financial situation.