Shiba Inu (SHIB) has been riding a bullish wave in recent days, hitting an intraday high of $0.00002668. However, as the cryptocurrency faces strong resistance at the $0.00002600 level, market sentiment is growing increasingly cautious, particularly after a major whale transaction and macroeconomic factors signaled potential risks for the token’s continued rally.
A significant event on November 14 stirred concern among Shiba Inu investors: a massive transfer of 4 trillion SHIB tokens—worth around $99 million—between two anonymous wallets. Whale transactions of this magnitude often prompt anxiety in the market, as they can signal the potential for large sell-offs or repositioning. Following the transfer, SHIB saw a 5% drop in price, with its market capitalization declining 5.30%, bringing it to $14.19 billion.
Adding to the pressure on SHIB’s price action, recent comments from Federal Reserve Chairman Jerome Powell have contributed to a dip in broader market sentiment. Powell’s remarks indicated that the U.S. economy does not require immediate rate cuts, reducing expectations for a December rate decrease and cooling the enthusiasm for risk assets like cryptocurrencies. Following Powell’s speech, Bitcoin dropped 1.5%, Ethereum followed suit with a 2.5% decline, and SHIB slipped 2.5%, dipping to $0.00002469.
From a technical standpoint, SHIB is encountering stiff resistance at the $0.00002600 price level. The token has repeatedly struggled to break through this threshold, indicating a potential ceiling in the near term. On the flip side, support appears to hold at $0.00002480, where SHIB has previously rebounded.
In terms of technical indicators, SHIB’s 50-day Simple Moving Average (SMA) has crossed above the 200-day SMA, a pattern known as the “Golden Cross,” which typically signals bullish momentum. However, the Relative Strength Index (RSI) is nearing overbought territory at 66.59, suggesting the rally may be running out of steam. Meanwhile, the Money Flow Index (MFI) is at 47.32, indicating balanced market sentiment with no clear bias.
Trading volume for SHIB has dropped by over 50%, a sign of waning interest or activity in SHIB derivatives. Additionally, open interest in SHIB contracts has fallen by nearly 3%, suggesting that traders may be exiting positions rather than initiating new ones.
Despite these challenges, Lucie, Shiba Inu’s marketing lead, remains optimistic, predicting that SHIB could surge to $0.00006 if the current momentum builds. Some analysts are even speculating that a push to $0.0001 is within reach, should the market conditions favor continued growth.
The ongoing battle between Shiba Inu’s technical resistance and the influence of broader market factors leaves its future price trajectory uncertain. Investors and traders alike are keeping a close watch on both whale movements and global economic signals to gauge the potential for either a continued rally or a pullback in the coming weeks.
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