Sui Breaks Out From Consolidation: $4 SUI Price Target Now Achievable

The Shiba Inu (SHIB) technical analysis is telling a different story: a descending channel with large holders exiting, leaving price action below critical moving averages and confidence eroding.

Shiba Inu price technical analysis shows concerning patterns as the token pulls back from its May peak around $0.00001757 to current levels at around $0.00001260.

The technical analysis shows that large holders have been consistently selling their positions, while whale holdings have dropped sharply in recent months.

Shiba Inu price action is displaying a clear descending channel formation, characterized by consecutive lower highs and lower lows, a classic bearish pattern.

Shiba Inu technical analysis also shows that the token has fallen below critical moving averages, including the 50-day and 100-day levels, suggesting continued weakness.

Shiba Inu price is now testing the lower boundary of the channel, which could act as a final support level.

If this level breaks, it could open the door for further declines to Fibonnacci retracement levels at $0.000010 or $0.00000768.

However, if buyers manage to defend the channel support and push the price higher, the next resistance levels to watch out for are at the 50-day moving average or the Fibonnacci retracement levels at $0.000015 or $0.000017.

Overall, the technical analysis suggests that Shiba Inu price is facing strong headwinds and could continue to decline in the near term. However, if buyers manage to regain control and push the price above the 50-day moving average, it could set the stage for a sustained recovery rally.

Shiba Inu price technical analysis suggests that the token is facing several headwinds that could continue to weigh on it in the coming days.

The technical analysis shows that large holders have been consistently selling their positions, while whale holdings have dropped sharply in recent months. This lack of interest from key market participants could put further pressure on Shiba Inu price.

The price chart also shows a clear descending channel formation, characterized by consecutive lower highs and lower lows, a classic bearish pattern. This pattern suggests that sellers are in control and are likely to push lower on any rallies.

Furthermore, Shiba Inu price has fallen below critical moving averages, including the 50-day and 100-day levels, suggesting continued weakness. These moving averages are commonly used by traders to identify the prevailing trend.

The fact that Shiba Inu price has dropped below these averages indicates that sellers have managed to overwhelm buyers and push the price lower.

Finally, the technical analysis suggests that the Fibonnacci retracement levels at $0.000010 and $0.00000768 could provide support to the token on further weakness.

These levels are commonly used by traders to identify potential price reversal points.

Overall, the technical analysis suggests that Shiba Inu price is facing strong headwinds and could continue to decline in the near term.

However, if buyers manage to defend the channel support at Fibonnacci retracement levels and push the price higher, the next resistance levels to watch out for are at the 50-day moving average or the Fibonnacci retracement levels at $0.0008 or $0.001.