Shiba Inu (SHIB) recently showed a price increase of 16% over the past month, reaching $0.00001492, before retracing slightly. Despite impressive trading volume, the token appears to be losing bullish momentum, as on-chain data indicates whales are reducing their holdings, resulting in bearish pressure. Moreover, the trading volume saw a notable spike with a significant 106,040% increase in the 24-hour burn rate, yet SHIB continues to struggle below a downward trendline resistance. Currently, SHIB is consolidating near a critical support/resistance zone, with crucial levels at $0.00001450-$0.00001600. The market structure points to a potential range before any decisive moves, approaching a trendline resistance at $0.00002044. However, over 80% of holders are under water, suggesting that any rise in prices may lead to heavy selling as they aim to break even. Analysts offer mixed forecasts, with some spotting possible bullish signs while others express concerns over weakening fundamentals.

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