Shiba Inu Price Prediction: Bears Mount 5.4 Trillion Sell-Wall as SHIB Nears Major Breakout Zone

Shiba Inu Price Analysis:

Shiba Inu price opened trading at $0.000014 on Sept 15, it’s highest opening price in nearly 20-days dating back to Aug 27. On-chain data shows bear traders mounting a resistance sell-wall to prevent a breakout above the $0.000015 territory.

After 15% Weekly Gains, SHIB Retraces 4%

Shiba Inu, the world’s largest memecoin by market capitalization, delivered a blistering double-digit growth performance over the past week. The memecoin sector had received a major boost last week, after Donald Trump’s comments during a CNN presidential debate triggered a flurry of pet-themed jokes across social media.

As investors sought to capitalize on the media attention, to invest in pet-themed cryptocurrency projects including. Consequently, since the Sept 11 presidential debate, Dogecoin (DOGE), PEPE and Shiba Inu, the 3-largest memecoins all scored major gains.

Riding on the wave of Trump’s latest viral moment, SHIB price hit a 20-day peak of $0.000014 on Saturday Sept 14. However, as the media frenzy cooled off at the weekend, SHIB price struggled to maintain the upward momentum.

Shiba Inu price has retraced 3.78% over the weekend, as it fell towards the $0.000136 at the time of publication on Sunday, Sept 15.

Other critical market metric shows that bear traders rapidly swung into above a SHIB price breakout above the $0.000015 psychological resistance zone.

Bears Put up 5.4 Trillion SHIB for Instant Sale

Shiba Inu has failed its initial attempt to reclaim $0.000015 retracing by nearly 4% over the weekend. On-chain data shows that this pullback was orchestrated by bear traders mounting large sell-walls across various crypto exchanges.

IntoTheBlock’s Exchange Order Books chart below tracks demand and supply trends by weighing aggregate buy orders agains total active sell-orders, across major exchanges and trading platforms. Rising sell-orders often signals dominant bearish momentum and vice versa.

Looking at the chart above, SHIB bulls currently have 3.78 trillion SHIB in buy orders, whereas the bears have placed a staggering 5.46 trillion SHIB for sale. This means that sell orders outweigh buy orders by nearly 45%, indicating significant bearish pressure.

In dollar terms, the total value of buy orders stands at $52.93 million, while sell orders amount to $76.5 million, reflecting a $23.56 million gap between buy and sell orders. This indicates there isn’t enough buyer demand to absorb the selling pressure.

That demand short-fall could trigger sharp SHIB price declines if sellers continue to flood the market. Unless buying interest surges in the short term, SHIB is likely to remain under bearish control, with prices potentially revisiting $0.000012 before bulls regroup.

SHIB Price Forecast: $0.00012 Retest Before $0.000015 Breakout

Shiba Inu’s price currently sits at $0.0001365 after a slight 3.78% dip in the last 48-hours.  Technical indicators suggest that SHIB might retest the $0.00012 support level before any major bullish movement.

The Bollinger Bands (KC) indicator highlights a constricted range between $0.0001241 and $0.0001483, signaling a potential breakout once volatility increases. However, if SHIB breaches the lower band at $0.0001241, a sharper correction could push prices lower before bulls regroup.

Meanwhile, the Stochastic Momentum Index (SMI) shows weakening momentum, with the indicator slipping into negative territory.

This suggests that the bearish sentiment may persist in the near term, potentially leading to further declines towards $0.00012. Nevertheless, if SHIB price consolidates above this support, bulls could regain momentum.

Looking ahead, a potential US Federal Reserve rate cut could reinvigorate buying pressure, allowing SHIB to break the $0.00015 resistance. With market sentiment shifting, a successful retest of the $0.00012 support could pave the way for a recovery towards the $0.00015 mark.

In conclusion, SHIB traders should closely monitor the $0.00012 support and $0.00015 resistance. While the short-term outlook leans bearish, the overall trajectory could shift bullish once the macroeconomic environment turns favorable