Signs that the crypto market may be heading into a bear market have emerged as the SHIB/USDT pair fell on the day. This drop further extends the decline on Shiba Inu to 27.5% this December, dampening bullish Shiba Inu price predictions.
With the fear sentiment now taking hold of the crypto market, the downward slide in the SHIB/USDT is stimulating some whale action as institutional traders take the opportunity to load up on cheaper tokens. The accumulation spree continued when a notable Ethereum whale bought up 99 billion Shiba Inu tokens, valued at $3.56m. The action was tracked by WhaleStats and occurred just as Shiba Inu was to start trading on Bitstamp, Europe’s largest trading exchange by volume.
The SHIB/USDT pair is now trading at 0.00003423, which is -6.35% lower on the day.
With more than 61% retracement from the swing low of 1 October 2021 to the swing high of 27 October, the active daily candle has violated the support at 0.00003553. Confirmation of this breakdown move sets up a push towards 0.00003092, with 0.00002381 and 0.00002034 also lining up as potential downside targets.
On the other hand, failure to confirm this move allows for a potential bounce, which could target 0.00004054 as the immediate price objective to the north. An additional advance allows 0.00004574 and 0.00005001 to become new targets to the north, with 0.00005835 also serving as a potential upside target.
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This post was last modified on %s = human-readable time difference 13:44