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- SHIB plunged 42% to $0.0000168 amid a market correction.
- A flag pattern on SHIB’s chart indicates potential for consolidation.
- A massive whale transaction on Binance added to selling pressure on SHIB.
The recent trading week for Shiba Inu (SHIB) has been marked by significant price movements reflecting a bearish sentiment across the broader cryptocurrency market.
Beginning with a notable decline from its recent highs, SHIB saw its value plummet by over 40%, dropping to a low of $0.0000168. This sharp downturn has prompted concerns among investors and analysts alike about the sustainability of SHIB’s price levels amidst ongoing market volatility.
Analyzing SHIB’s daily chart reveals a distinctive flag pattern formation, a technical setup where price movements are confined within two converging trendlines. This pattern typically allows for periods of consolidation after a significant rally, providing buyers with opportunities to regain bullish momentum. However, the current market conditions have intensified selling pressure on SHIB, potentially signaling a breakdown from the pattern’s lower support trendline.
Adding to the downward pressure, recent on-chain data has highlighted a substantial transaction involving a whale depositing 1.08 trillion SHIB tokens onto the Binance exchange, valued at approximately $18.4 million. This move not only underscores significant profit-taking but also suggests heightened volatility and potential further downside for SHIB in the near term.
Looking ahead, the immediate price action for SHIB hinges on its ability to either hold above the support trendline within the flag pattern or face a deeper correction toward lower key levels. A successful breach below the support could accelerate bearish momentum, potentially pushing SHIB towards the $0.00001195 mark, as speculated by market analysts observing these developments closely.