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Shiba Inu is the most held cryptocurrency of Ethereum whales after stablecoins.
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The cryptocurrency is undergoing a market correction.
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SHIB must recapture a $0.000012 resistance to consider a bullish case.
Shiba Inu SHIB/USD remains the most held cryptocurrency among the top 1,000 Ethereum whales. That excludes the stablecoins USDC, USDT and stETH, which are in the first three positions. WhaleStats data shows that the whales together have $133,680,683 in SHIB holdings.
Amid the significant share, Ethereum whales have reduced their SHIB holdings. On August 25, the total bet was $162,127,202. By this time, SHIB was trading at a high of $0.000014. The meme token is now trading at $0.000011 amid a market correction.
A large whale holding indicates a belief in the recovery of Shiba Inu. Recently, the burn rate of Shiba Inu increased by more than 1,500%, leading to a price recovery. However, Shiba Inu lacks sustained momentum to remain optimistic. Major developments expected to boost the token, including the Shiba metaverse, are far from materializing. A series of non-starting developments amid the macro jitters were responsible for SHIB’s decline.
Shiba Inu encounters resistance as price recovers slightly
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Source – TradingView
Shiba Inu’s price action shows the token at a key resistance zone around $0.000012. The price shows limited upside potential. The formation of inside bars of a mother bearish pin bar in the resistance could force a bear market.
Recently, the 20-day MA crossed below the 50-day MA, confirming bearish momentum. The RSI is showing some upside since the token hit a near-oversold level of $0.000010.
closing thoughts
Despite some upside, Shiba Inu remains largely bearish. We can confirm a bullish reversal if the token recovers above $0.000012. A bearish move could see the token retest the $0.000010 support.
