Shiba Inu (SHIB), the second-largest meme coin, has encountered a stark reversal in momentum. The coin has recently formed a red “death candle.”
This ominous-sounding term refers to a large, sudden red candle on the price chart, which often signifies a forceful shift from bullish to bearish sentiment.
This unexpected turnover reflects a broader sentiment shift among SHIB holders, particularly whales—major players holding substantial token amounts. These influential holders have begun rapidly selling their SHIB stashes, aligning with typical market behavior preceding corrections.
The emergence of this death candle presents a concerning outlook for SHIB, as it likely signals the end of the rally meme coin enthusiasts have been riding so far this year. The sharp drop not only shakes out weak hands but also undermines confidence in SHIB’s immediate future trajectory.
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Will SHIB add another zero to its price?
SHIB is now trading around $0.00001045, up 7% in the last 24 hours. If Shiba Inu loses the key $0.000010 support area, SHIB looks vulnerable to adding another zero to its price.
However, despite the bearish candle, the meme coin has managed to sustain its price at the moment. However, it remains to be seen in which direction SHIB will move.