Shiba Inu: On June 11th, the cryptocurrency market witnessed a sudden sell-off likely influenced by investors’ uncertainty toward upcoming U.S. CPI data. The leading digital asset Bitcoin tumbled 3.62% to reach $66875 while Ethereum coin plunged 5% to hit $3480. While the renewed supply pressure hints at prolonged correction for most of the major altcoins, the seller’s dominance was higher in the memecoin sector leading to a notable correction in their assets.
How Ethereum ETF News is Influencing SHIB’s Price Action
SHIB, the second-largest main cryptocurrency by market cap, has been trading sideways over the past two months. Amid the May Month market recovery, the Shiba Inu price managed to stabilize above the $0.0000206 level and develop a local bottom.
This support coinciding with the 61.8% Fibonacci retracement level creates a high area of interest (AOI) and prevents further correction. However, with the Bitcoin price struggling to sustain above $70000, the recovery trend in SHIB price got capped below $0.000029, creating a narrow range in the daily chart.
While the broader market remains uncertain, the Shiba Inu coin tumbled 26.8% to currently trade at $0.0000215 while the market cap plunged to $12.6 Billion.
In a recent tweet, analyst OnchainDataNerd highlighted significant movements in SHIB tokens. Ten wallets collectively deposited 4.29 trillion SHIB (valued at approximately $97.33 million) to Coinbase. These wallets show consistent patterns, having accumulated SHIB during two distinct periods: September 2021 and March 2024.
5 hour ago, 10 wallets deposited 4.29T $SHIB (~$97.33M) to #Coinbase
10 above wallets have the same movements:
Those $SHIB were accumulated in 2 different times: Sept 2021 and March 2024
the profit will be $41.22M if sold all at current price pic.twitter.com/CYsMhYkgfc
— The Data Nerd (@OnchainDataNerd) June 11, 2024
The average entry price for these holdings is $0.00001309, indicating a potential profit of $41.22 million if sold at the current price. These transactions exert additional supply pressure on SHIB indicating a higher potential to revisit the $0.0000206 level.
If the bottom support holds, the buyers recuperate the bullish momentum and prepare the SHIB price for another reversal and continuation sideways.
For buyers to regain control over this asset a breakout above the overhead of $0.0000296 is needed. If successful, a renewed recovery sentiment will set the SHIB price prediction target to 53% up and challenge $0.000045.
Technical Indicator:
- EMAs: The 200-day Exponential Moving Average slope wavering close to the $0.0000206 level will provide buyers with additional support to revert the coin price higher.
- Moving Average Convergence Divergence: A bearish crossover between the MACD and a signal line extending below the midline indicating the seller is currently the dominating force in SHIB trading.
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