Shiba Inu is vulnerable close to support as interest in token wanes

Shiba Inu is vulnerable close to support as interest in token wanes

  • Shiba Inu is experiencing declining Google search interest as price slips

  • The token remains the most held by Ethereum whales

  • SHIB will continue to drop in the bear market, but the price could find support soon

Shiba Inu SHIB/USD price has largely been influenced by retail interest and social media frenzy. That’s why a drop in interest has an adverse impact on price. Accordingly, “Shiba Inu” Google Search queries are at the lowest in more than a year in July. The drop in interest is reflected in the price, although the developing crypto weakness is also a cause. 

As press time, SHIB was down 7.82% in the last 24 hours. The decline takes the total losses in the week to nearly 10%. However, it should be remembered that SHIB has been on an upward momentum since mid-June. 

Whalestat data also indicates that SHIB remains the most held token, after ETH, by Ethereum whales. That signals the expectation of a price jump in the future. Thus, the drop in search interest may not accurately reflect price but can cause a short-term weakness.

Shiba Inu nears support as the price weakens

Source – TradingView

We believe $0.0000104 is the level to watch for SHIB investors. The level is a make-or-break zone as it is the support that marks the bottom of the consolidation zone. The MACD line is crossing below the moving average, indicating a further bear pressure. The moving averages have also joined the resistance. If SHIB breaks below the support, it could fall to $0.0000077. 

Concluding thoughts

Shiba Inu is witnessing a decline in Google search interest, but whale holdings are still strong. The token is trading lower and nearing the $0.0000104 support. SHIB needs to overcome a drop below the support to remain in the consolidation zone.

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