SHIB price hits 10 monthly lows. The quotes confirm the trend of the past!

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SHIB price hits 10 monthly lows.  The quotes confirm the trend of the past!Along with continued pressure on cryptocurrencies, Shiba Inu continues its downward trend, falling below levels last seen in August 2021. Current SHIB quotes are already at 0.0000079$9, and the continued reduction in supply of the token does not translate into its value. Moreover, the behavior indicates a less optimistic trend compared to the past.

  • Shiba Inu Price Falls To Ten-Month Low, Breaking $0.00000800 Level
  • The cryptocurrency seems to mimic its past behavior, which could lead to a long-term consolidation ahead of the next breakout
  • SHIB can count on whale support at all times, and the top 500 ETH HODL holders have tokens worth $459,605,432.
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Shiba Inu History Suggests Imminent Consolidation

During the widespread sell-off, the price of Shiba Inu hit 10-month lows, returning to the August 2021 range. As a result, SHIB hit the local low of $0.0000074, on all-time highs of 91 %.

Among the historical quotations of the asset, however, we note a certain not very optimistic regularity. Namely, after the bull market in May 2021, when the price of SHIB fell to $0.0000400, the bears only stopped about 88% below the then ATH, this which may suggest that SHIB lows are very close or have been reached.

SHIB/USDT Quotes Weekly Interval Source: KuCoin
SHIB/USDT Quotes Weekly Interval Source: KuCoin

So if history can be a significant determinant, Shiba Inu should be known for long periods of consolidation, the most significant of which lasted over five months (from late May to late October 2021) and resulted in the fixing of the current ATH at $0.000088.

Will it be similar this time, and after the steep declines, SHIB will smoothly transition into consolidation, from which there will be a breakout in the fall leading to new highs? It’s hard to predict. The current sentiment in the Shiba Inu market remains clearly bearish. The Fear & Greed index indicates extreme fears of further selling, and only the most persistent investors remain in the market.

The 200-day exponential moving average and the rest of the moving averages are sending sell signals, confirming what investors are intuitively feeling about the upcoming interest rate hikes.

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In the last day, 239 million SHIB tokens disappeared from the market

According to Shibburn’s Twitter account, over 239,535,584 SHIB tokens have been burned in the past 24 hours. This is a continuation of the process of limiting the total supply of cryptocurrency in circulation which should lead to the introduction of Shibarium, the long-awaited layer 2 solution for the Shiba Inu ecosystem. However, for this to happen, the token needs to significantly increase in value and become more unique, which in today’s reality can be difficult.

Despite the ongoing sell-off, SHIB still enjoys whale support, and in recent days the average balance of the top 100 holders of this cryptocurrency has risen to 2.9 billion tokens. According to WhaleStats, ETH’s 500 largest HODL SHIB whales are worth $459,605,432.

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