TLDR
- SHIB fell 13% in two days from $0.00001484 to test critical support at $0.00001297
- Major whale withdrew 510.4 billion SHIB tokens worth $6.7 million to cold storage
- Token now testing daily SMA 200 support level around $0.00001298
- Meme coin sector hit hard with $425 million in crypto liquidations across markets
- Technical analysis suggests potential 155% upside if key resistance breaks
Shiba Inu has undergone a sharp correction over the past 48 hours, dropping from its September 13 peak of $0.00001484 to test crucial support levels. The meme coin hit an intraday low of $0.00001297 during Monday’s trading session.
The selloff started Sunday when SHIB closed down 4.2% at $0.00001369. Monday brought additional pressure with a 4.82% decline according to CoinMarketCap data.
Before this pullback, Shiba Inu had posted seven consecutive days of gains starting September 6. The current decline represents a 13% drop from recent highs within just two trading days.
Broader market weakness contributed to SHIB’s decline. Total cryptocurrency liquidations reached $425 million in 24 hours based on CoinGlass data. Meme coins faced particular selling pressure during this period.
Dogecoin dropped 7.91% over 24 hours while PEPE and Bonk each fell nearly 7%. Shibarium’s gas token BONE declined 4.19% following a weekend bridge incident that caused $2.4 million in token losses.
Whale Activity Shows Strong Accumulation
Despite market turbulence, large investors continue accumulating SHIB tokens. Arkham Intelligence data shows wallet 0x2ā¦B0c6 withdrew over 500 billion SHIB from exchanges.
The withdrawal moved 510.4 billion tokens worth approximately $6.7 million into cold storage. This type of activity typically signals long-term investment strategies by institutional players.
The timing proves interesting as it occurs ahead of the planned Dogecoin ETF launch by REX-Osprey in the United States. This development could spark renewed interest across the meme coin sector.
Markets are also anticipating a Federal Reserve interest rate cut this week. A 25 basis point reduction in the Federal Funds Rate typically encourages investment in higher-yield opportunities.
Technical Levels Define Next Move
SHIB currently tests support at the daily SMA 200 near $0.00001298. This technical indicator serves as a key battleground for the token’s direction.
A successful hold above this level could enable recovery toward $0.000013. Sustained buying might push prices to $0.000014 and challenge the recent $0.00001484 high.
Failure to hold support would expose the next level at $0.00001279, which aligns with the daily SMA 50. Further weakness could test support at $0.00001181.
The $0.00001200 zone represents the main support area to monitor for potential bounce activity.
Shiba Inu Price Prediction
Technical analysis indicates SHIB offers 155% upside potential from current levels. The key catalyst would be a breakout above trend line resistance at $0.00001450.
A confirmed break above this resistance could trigger a rally toward $0.00001750. The ultimate target for such a move would be the previous swing high at $0.00003400.
Current price action shows SHIB holding above critical support while whale accumulation suggests institutional confidence remains intact despite recent market volatility.
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