Shiba Inu (SHIB) has experienced significant price declines recently, falling approximately 19% from its June 11 peak to around $0.000011, representing a 24% loss over the past month. Despite this downturn, the token remains the 19th largest cryptocurrency with a market capitalization of about $6.7 billion.
Exchange order books reveal a net buy-side depth with 9.46 billion SHIB in buy orders versus 6.28 billion in sell orders, indicating strong accumulation interest at current price levels. Notably, the presence of roughly 3.1 trillion SHIB in net buy orders suggests traders are positioning for a price turnaround.
Technical analysis points to a falling wedge pattern formed since June 11, a common signal for potential reversals. SHIB has tested the wedge’s lower boundary multiple times with increasing strength, and a breakout above $0.000012 resistance could propel prices toward $0.000017, a gain of about 50%. Indicators like the MACD show supportive bullish divergence, though confirmation requires a decisive close above $0.000012.
Shiba Inu is also witnessing heightened whale activity, with large transaction volumes surging by over 60%, which historically can foreshadow meaningful price movements. Community sentiment remains optimistic amid this major holder accumulation, despite the absence of direct comments from key project figures.
Long-term forecasts for SHIB remain ambitious, with some projections suggesting a potential rise to $0.01 by 2040 and even $1 by 2050. However, these targets are widely debated regarding their feasibility due to the enormous market cap such prices would entail, necessitating extensive token burns and widespread adoption.
Overall, SHIB’s current on-chain and technical signals point to a possible bullish reversal in the short to medium term, supported by accumulation behavior and whale activity amidst ongoing volatility.