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Shiba Inu Coin (SHIB) Price Set to Drop This Weekend

It is in danger of reporting a decline due to the lack of recovery seen in broader market signals.

SHIB investors are also not very optimistic, which could translate into losses for the same coin.

Shiba Inu whales are the crisis?

Can testify Shiba Inu Price Price correction due to declining support from SHIB holders. These meme enthusiasts have lost their optimism towards the rally, which is reflected in the increasing selling pressure.

Over the past two months, it has sold titles containing Over $1 Million and $10 Million in SHIB a large part of its supplies. Nearly $10 billion worth of SHIB left their wallets, creating a bearish impact on the meme coin.

This significant sale tends to thwart any upside potential for the asset, which may be the case for the Shiba Inu.

Shiba Inu whale outfit.
Shiba Inu whale outfit. source:hasThe block

Additionally, the connection this meme coin shares with Bitcoin also threatens its gains. SHIB shares a high correlation of 0.81 with BTC. A high correlation indicates a strong statistical relationship between the two assets. This means that changes in one are closely related to changes in the other.

Since Bitcoin is the largest asset and bearish signals are also observed, it is difficult to predict a bullish outcome for the Shiba Inu. Therefore, there is a high chance that the meme coin will experience a bearish weekend.

Read more: How to Buy a Shiba Inu (SHIB) and Everything You Need to Know

The Shiba Inu connection to Bitcoin.
The Shiba Inu connection to Bitcoin. Source: entolebloc

SHIB Price Prediction: Support May Fail

Shiba Inu price has been trading below a mostly downtrend line since early March. Although the meme coin attempted a breakout in the past, it failed to sustain the rally.

And so, The Sheba coin now risks failing to break through Downtrend line and pullback to $0.00002093. This will lead to a loss of support and a major correction to $0.00001491.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: Commercial view

The Chiba daily candle must close above $0.00002584 to invalidate the bearish thesis. This could lead to an upward trajectory with a break of the downtrend line that Chiba has held since March and push prices towards $0.00002835 or higher.

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