Shiba Inu (SHIB) has plunged 13% in the last 24 hours, following a strong rally that initially fueled optimism among investors. The decline comes as major holders, or whales, appear to have offloaded significant amounts of SHIB, reducing buying pressure. This sell-off reflects waning enthusiasm, with trading volumes also showing a noticeable drop.
Bearish Patterns and Key Levels
SHIB's price is currently consolidating within a bearish descending triangle, a technical pattern often associated with continued declines. To regain momentum, SHIB must stabilize above the $0.00002300 support level. Failure to hold this could push the price lower, with $0.00002050 acting as the next critical support. On the upside, SHIB needs to break through the $0.00002700 resistance level to revive its bullish trajectory.