- Shiba Inu price pulls back to key support near $0.00001276 after early July rally.
- Whale wallets now hold 120T SHIB, raising the risk of sharp market volatility.
- RSI and volume data show weakening momentum, signaling a possible trend reversal.
Shiba Inu (SHIB) has retraced following a powerful rally in the first half of July. The token is holding steady close to a crucial support zone. As of press time, SHIB is being exchanged at $0.00001302, representing a 5.65% decrease over the past day. Whales now control over 12% of the total SHIB supply, and analysts are keeping a close eye on them.
On-chain records show that 46 wallets collectively hold 120 trillion SHIB. Such a high concentration of whales is unusual. It frequently indicates significant shifts in prices and is often linked to major price swings. In the past, similar wallet clusters have preceded volatile market movements, fueling both sudden surges and steep selloffs.
Key Levels in Focus Amid Shiba Inu Price Retreat
The existing market activity is characterized by defensive moves. SHIB price has retreated after hitting new highs of about $0.00001400. The correction took the token near its 50-day moving average of $0.00001276. This is a very vital level that bulls need to support.
A decline below $0.00001276 can lead to a downward trend. The subsequent support points are on the levels of $0.00001230 and $0.00001200. These price areas may serve as cushions in the event of additional selling. A bounce off current levels, however, can be a fresh restoration of bullish sentiment.
Medium- to long-term indicators remain positive. The 100-day and 200-day moving averages stand at $0.00001216 and $0.00001188, respectively. These points remain under the existing trading price. As long as SHIB stays above them, the broader trend stays intact.
The Relative Strength Index (RSI) indicates fading momentum. It stands at 47.18, below the neutral zone but not oversold. RSI has been declining since it peaked above 70 on July 11.
SHIB Traders Pull Back as Volume and Open Interest Drop
According to data from Coinglass, SHIB’s 24-hour trading volume has decreased by 30.80%. It now stands at $249.58 million. Open interest also reduced by 8.75%, reaching $205.18 million. This decline indicates that traders are reducing their exposure.
The funding rate remains slightly positive. SHIB’s OI-weighted funding rate is 0.0115%. This suggests that long positions are still more aggressive than shorts. Yet the interest is modest. It reflects uncertainty rather than strong conviction.
Liquidation data supports this view. Total liquidations over the past 24 hours reached $415.64K. Of this, $413.63K came from long positions. Short liquidations were only $2.00K. This imbalance shows that bulls were caught off guard by the recent drop.
The overall picture suggests a pause in SHIB’s rally. Whale holdings have increased significantly. At the same time, momentum is fading. Volume is down, and long positions are getting liquidated. These signs indicate caution among both retail and institutional traders.
Related: SHIB Price Set to Soar? Bullish Patterns and Metrics Hint at 1,500%+ Gains
SHIB Long-term Price Prediction
Crypto prediction platforms have issued bold long-term targets for Shiba Inu. Telegaon, a well-known forecasting site, predicts that SHIB will experience significant growth over the next decade.
Telegaon projects SHIB may increase in value to $0.001292 by 2035, removing two zeros from its current price. The platform also projects that SHIB may climb to $0.00646 between 2036 and 2039.
Still, support levels remain intact for now. If buyers return soon, SHIB could attempt another move upward. If not, a deeper correction may follow. Traders are waiting for the next signal to determine SHIB’s direction.
