Analyst: Shiba Inu (SHIB) likely to see a dead cat bounce

• A 26% rebound to $0.000055 is imaginable earlier different limb down

• SHIB could plummet adjacent much if whale sells bags

Shiba inu continues to conflict with sell-off unit amid speculation surrounding the intentions of the largest whale successful the dog-themed crypto’s capitalist community.

While the crypto is seeing immoderate request reload successful precocious Friday deals, it remains mostly bearish.

A whale with 40+ trillion SHIB tokens

SHIB’s terms dump this week followed a whale’s determination to determination implicit 40 trillion tokens to 4 antithetic wallets. The transactions, which were successful batches of 10,000,000,100,000 each, could beryllium worthy implicit $2.4 cardinal astatine the existent terms of astir $0.000051. The coins were worthy overmuch much astatine the clip the meme coin spiked to its all-time precocious past week.

SHIB’s terms has dropped 12% successful the past 24 hours, with a antagonistic outlook connected the regular illustration deepening the meme coin’s woes implicit the past week.

After reaching highs of $0.000086 connected 28 October, Shiba Inu began its crisp descent arsenic nett booking accelerated during the week. This has seen the Dogecoin (DOGE) rival diminution by much than 40%, and is presently trading adjacent $0.000051 according to information from CoinGecko.

SHIB price: Dead feline bounce oregon much symptom towards zero?

On the 4-hour chart, SHIB/USD has bounced disconnected enactment adjacent $0.000044 and could widen gains towards $0.000055.

SHIB/USD 4-hour chart. Source: TradingView

However, with prices beneath the 20 EMA and 50 SMA successful the fixed timeframe, it’s apt different limb down sees the token retest this week’s enactment levels.

Pseudonymous crypto expert HornHairs says that Shiba Inu is apt to spot a dormant feline bounce here. 

In method analysis, a dormant feline bounce refers to a abbreviated word rebound successful the terms erstwhile successful a broader downtrend. While it shows signs of recovery, it typically does not awesome a reversal.

Shiba Inu terms prediction chart. Source: HornHairs connected Twitter

Below these levels, it could beryllium catastrophic for SHIB holders. Increased selling could likely tank prices to zero if the whale “decided to merchantability [his] bags.”