As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent developments in Shiba Inu (SHIB). The interplay between whale activity and retail trading is a fascinating dance that I’ve come to appreciate over time.
Over the past day, there have been varying trends in both trading actions and significant investor activities related to the cryptocurrency based on dogs, Shiba Inu (SHIB).
As a crypto investor, I’ve noticed that the large transactions for Shiba Inu have dropped by approximately 20.73% over the past 24 hours, equivalent to $121.29 million or about 4.78 trillion SHIB tokens. This decrease in big transactions is typically associated with a reduction in whale activity. However, despite this decline, Shiba Inu’s price has unexpectedly soared by 13%, suggesting renewed attention from the broader crypto market.
The decrease in whale-related whale activity is concurrent with an impressive 92% increase in Shiba Inu’s total trading volume, reaching $3.19 billion in the last 24 hours, based on CoinMarketCap statistics. This surge suggests a considerable rise in retail trading, implying that smaller investors are becoming more active as larger ones may be temporarily stepping aside.
In simple terms, the value of Shiba Inu has surged by approximately 13% over the last day, now trading at around $0.00002759. This upward trend suggests a favorable outlook for SHIB, even as large transactions by whales have slowed down.
Increased trading activity and cost indicate that individual investors see an opportunity to profit from Shiba Inu Coin’s temporary market fluctuations and future prosperity.
SHIB price action
On November 21, Shiba Inu bounced back from a low of $0.000023, suggesting that buyers are still active even during market dips. If it ends the day with an increase (green close), this would be its third straight day of positive growth.
Right now, Shiba Inu (SHIB) is being exchanged for approximately 0.00002768 USD per coin, and it reached its highest point within the day at 0.00002816 USD during the trading session on Saturday.
For the chance to retest the $0.000029 price point, buyers need to push the current price beyond the immediate resistance at $0.0000281. If this level is broken and closed above $0.000029, it would confirm a bullish inverted head-and-shoulders pattern. This pattern would initiate an upward trend, potentially taking the price to $0.000039 initially, and eventually reaching the pattern’s target at around $0.000047.
Conversely, should the price of SHIB decrease and plummet under $0.000023, this could suggest a resurgence of bears. The Shiba Inu token might then fall to its daily Simple Moving Average (SMA) at approximately $0.000020.
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2024-11-23 19:06