Shiba Inu (SHIB) faced a sharp decline over the past 24 hours, dropping nearly 6% as broader crypto market weakness, driven by macroeconomic pressures, weighed on altcoins. However, despite the pullback, technical patterns suggest a potential bullish setup forming.
SHIB price falls to lowest since early July
Shiba Inu plunged from $0.000013 to $0.000012 within a single day, marking its lowest price since July 9.
This steep correction follows ongoing pressure in the crypto sector, including rising U.S. tariffs and a stronger dollar, which also impacted Bitcoin. SHIB has now extended its downtrend from the July 21 peak near $0.00001600.
Whale distribution increases despite large accumulation
One of the key concerns for SHIB holders is the increase in tokens held on exchanges.
The SHIB supply on centralized exchanges surged to 84.9 trillion tokens by July 28, signaling possible whale distribution.
This comes even as smaller investors accumulated 4.66 trillion SHIB, valued at approximately $63.7 million, suggesting a divide in sentiment between large and retail holders.
Inverted hammer pattern supports bullish hopes
Despite the drop, the technical outlook shows early signs of stability.
An “inverted hammer” candlestick pattern formed in July, often viewed as a sign of potential bullish reversal.
The candle is characterized by a long upper wick, small body, and minimal lower wick—indicating that buyers attempted to push higher after heavy selling.
Support zone emerges at $0.000012
A key support base has developed around the $0.000012 level, with 1.19 trillion SHIB tokens reportedly bought at this price point.
If the price holds above this threshold, a potential short-term rebound could be in play, especially with breakout volumes hitting 90.51 billion SHIB.
Outlook: Can SHIB Bounce Back?
With momentum currently bearish, the next few sessions are critical. If SHIB maintains its footing above support, traders may interpret the setup as a signal for a trend reversal. However, sustained upside will likely require a shift in macro sentiment and further reduction in exchange-held supply.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.