Shiba Inu (Shib) fell sharply early Friday when President Donald Trump’s new tariffs weighed on market leader Bitcoin and strengthened the US dollar. The price diagram still offers bullish tip.
Shib crashed 6% in a brutal 24-hour sale from July 31st 13:00 to 1 August, 12:00, and fell from $ 0.000013 to $ 0.000012. Prices hit their lowest since July 9 and extended the descendant from the July 21 -heights near $ 0.00001600.
The fall follows an increase in the number of Shib held on centralized exchanges. Tally rose to 84.9 trillion tokens on July 28, indicating potential whale distribution despite $ 63.7 million accumulation of 4.66 trillion Shib, according to Coindesk’s market insight model. Meanwhile, the combustion rate explodes 16,700%as 602 million Shib -Tokens destroyed in coordinated transactions.
Key AI -Insight in the last 24 hours
- Price rejection at $ 0.000013 resistance triggered a high volume distribution phase.
- The support base was solidified to $ 0.000012 with 1.19 trillion tokens with buying interest.
- Breakout volume of 90.51 billion catalyzed one step above $ 0.000012 barrier.
What next?
Despite the recent slide, the technical views occur constructively, thanks to July “Invertered Bullish Hammer” lights.
The reverse hammer includes a long upper wick, a small body and a largely absent lower wicker. The form indicates that although the bulls initially took prices higher, overpowered and pushed sellers in the end, prices almost back to the starting point of the period.
When the pattern appears after a remarkable downward trend, as in Shib’s case, it indicates that Bulls seeks to repeat itself in the market. Therefore, the pattern represents an early sign of an impending bullish trend turning higher.
However, Shib dealers have to note that a decrease under the July slave of $ 0.00001108 would invalid the Bullish candlestick pattern.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
