The Shiba Inu (SHIB) run of impressive market actions is on the verge of a significant U-turn following the appearance of a “Death Candle” phenomenon on its price chart.
The Death Candle phenomenon took the crypto community by surprise, as it was the least expected for a token that appeared to have grabbed attention in the crypto space.
Notably, Shiba Inu (SHIB) broke above the resistance at $0.00001 and was seemingly poised to consolidate for the bull season by 2024.
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However, following the Death Candle appearance uncertainties seemed to have set in, as SHIB enthusiasts continue to hope that the Death Candle appearance turns out to be a mere fluke.
For context, a Death Candle phenomenon appearing in price charts signifies an end to a pre-existing uptrend. This explains why it seems to be creating panic among crypto enthusiasts.
The Sudden Death Candle Appearance
The impulsive appearance of the Death Candle pattern could be linked to the actions of SHIB whale investors; these are crypto investors who have stacked up massive SHIB holdings.
Notably, these investors have initiated massive SHIB sell-offs, which seemed to parallel the market’s logic considering the stalemate preceding most corrections.
The consequence of the SHIB whale investors’ actions could only result in one thing which involves encouraging smaller investors to follow in the footsteps of their whale counterparts.
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Shiba Inu (SHIB) Future Appears Bleak
Aside from the potential repercussions of the Death Candle phenomenon on SHIB’s selling price, it also comes with other significant impacts that might not be palatable for SHIB’s expansion.
Confidence in Shiba Inu seemed shattered despite having taken a long while to reinstate crypto users’ faith in the crypto project. With a potential price correction on the horizon, SHIB enthusiasts will hope that the coin does not get to shed off all its accumulated profits.
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Notably, trading volume accompanying recent price actions hinted at strong market consensus edging towards the bearish direction.
To Corroborate the above claims, the Relative Strength Index (RSI) also dropped from higher levels, implying that buying pressure has reduced considerably and a downtrend could set in soon.
Meanwhile, SHIB’s price at the time of drafting this report is $0.00001. It boasts a market capitalization of $6,169,856,799, with a market cap dominance of 0.366% and a trading volume of $298,676,686.
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