Shiba Inu Price Forecast: Why Traders Transferred 1.25 Trillion SHIB amid $120B Crypto Market Dip

Key Points:

Shiba Inu price fell below $0.000018 on Oct 23, 2024, down 10.38% and on course to close a 3rd consecutive day in decline.

Shiba Inu traders have transferred over 1.25 trillion worth approximately $22 million out from exchanges into long-term storage and cold wallets within the last 3 days.

The Parabolic SAR dots on the SHIBUSD daily chart has moved towards $0.0000166, beneath the current price which typically suggests strong support building up.

Shiba Inu Price Analysis

Shiba Inu price fell below $0.000018 on Oct 23, 2024, down 10.38% and on course to close a 3rd consecutive day in decline. Despite the bearish market sentiment, technical indicators, and fundamental on-chain data trends continue to flash positive signals.

Will SHIB bull traders hold out for an early rebound or succumb to more downsizing?

SHIB Bulls Take 10% Haircut as Crypto ‘Uptober’ Rally Hits $90B Snag

Shiba Inu price experienced a steep 3-day downtrend since rejecting at the $0.000020 support level on Sunday, October 19. Prior to that, SHIB price had been on an uptrend since Oct 10, driven by the 2024 ‘Uptober’ rally.

During that eventful 9-day, between Oct 10 and Oct 19, Shiba Inu had mirrored the broader market performance, climbing to new multi-month peak along with top-ranked cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE).

However, since Shiba Inu bulls failed an attempt to breach the $0.000020 support level on Oct 19, the bullish momentum has weakened considerably. This set the stage for a sharp double-digit SHIB price correction when the crypto markets overheated on Tuesday.

After pulling 21.8% gains between Oct 10 and Oct 19, Shiba Inu price has now closed lower than its opening price in each of the last 3 trading days, according to the data depicted on the TradingView chart above.

At the time of writing on Oct 23, SHIB