The meme coin market is feeling the pressure as Bitcoin’s price declines from its recent peak of $70K to the low of $65K level. Traders are cautiously eyeing potential gains in meme coins amid the downturn, with SHIB price witnessing a surge in selling demand and a drop in whale interest.
SHIB Faces A Drop In Whale Interest
Coinglass notes liquidations exceeding $566,000, with total liquidations nearing the $600K mark. Interest in trading Shiba Inu has sharply declined, resulting in reduced price volatility for SHIB. Whale interest has also sharply decreased, dropping by a staggering 94% over the past week.
As selling pressure on SHIB might ease with big investors stepping back, the price of SHIB could become more stable. However, fewer big investors could lead to less confidence and trading overall. The increased burn rate of SHIB tokens could potentially lead to a higher price per SHIB token.
What’s Next For SHIB Price?
SHIB price has been declining below the critical support level at $0.000020, with sellers dominating the market. A recovery above the $0.000020 level could lead to a continued trading range, while a bearish move below the moving averages could signal a potential downtrend continuation.
A breakthrough above the moving averages could prompt bulls to target resistance levels, while a bearish move below key levels might indicate continued bearish pressure. As RSI levels hover within the oversold region, SHIB price may soon test buyers’ patience.
