Shiba Inu's price has been under pressure today, primarily due to the formation of risky chart patterns that signal potential bearish movements. The cryptocurrency is on the verge of forming a death cross pattern, where the 200-day and 50-day moving averages cross, often indicating a significant downturn. Additionally, a double-top pattern has emerged, further suggesting a bearish reversal. These technical indicators have contributed to the negative sentiment surrounding Shiba Inu, as traders brace for a possible breakdown below the critical support level of $0.000020.
Despite the bearish technical patterns, there is a contrasting narrative of whale accumulation, with large holders reportedly amassing 30 trillion SHIB tokens. This accumulation suggests a potential recovery, as increased interest from significant investors often signals confidence in the asset's long-term prospects. However, the overall market sentiment remains cautious, with Shiba Inu's daily active addresses and burn rate experiencing notable declines, indicating reduced network activity and investor interest.
Shiba Inu's price has decreased by 2.14% today, trading at $0.000020.