As an experienced financial analyst, I’ve closely monitored the cryptocurrency market for years and have seen various trends come and go. Based on the current on-chain data for Shiba Inu (SHIB), there are some concerning signs that may hinder its recovery potential.
As a crypto investor closely monitoring Shiba Inu, I’ve noticed a concerning trend in its on-chain data. Specifically, there’s been a noticeable decrease in transactions involving large whale transfers. This trend raises some questions about the ability of Shiba Inu to bounce back from its current state.
As a researcher analyzing transaction data for Shiba Inu over the past week, I’ve noticed a significant decrease in the number of large transactions. The peak of 285 large transactions occurred on June 18, 2024, but in the last 24 hours, there were only 117 such transactions.
Significant market players are likely reducing their involvement with SHIB or disposing of their holdings, contributing to this decline. Additionally, there’s been a notable drop in large-scale US dollar transactions.
As a researcher studying cryptocurrency market trends, I’ve discovered that a staggering $2.93 trillion worth of large transactions in Shiba Inu (SHIB) were executed in the past 24 hours. Interestingly enough, on June 13, 2024, the seven-day high for SHIB reached an impressive 8.33 trillion tokens. However, it’s important to note that the dwindling transaction volumes could be indicative of a potential price weakness for SHIB, as major investors have yet to show significant buying pressure.
As a researcher studying the SHIB/USDT market trends, I’ve noticed that the SHIB token has been trading beneath its crucial moving averages, suggesting a bearish market trend. The price has taken a substantial hit and plummeted below previous support levels, despite a minor rebound. The recent drop below $0.00002 is noteworthy.
As an analyst, I’ve observed that Shiba Inu (SHIB) is currently oversold based on its Relative Strength Index (RSI) reading of around 36. However, this condition might attract some bargain hunters. Nevertheless, the overall sentiment towards SHIB remains negative. Moreover, the decrease in significant transaction volumes and the gloomy outlook among large investors suggest that Shiba Inu’s chances for a swift recovery are quite limited at present.
As a researcher studying Shib Inu (SHIB), I’ve observed that the coin may face challenges in regaining its previous highs without noticeable buying activity from influential investors. A more robust rebound would necessitate not only a shift in investor sentiment but also a substantial increase in trading volumes. This uptick in transactions could be an indicator of renewed interest from significant market players.
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2024-06-20 16:19