As an experienced analyst, I’ve closely followed the price performance of Shiba Inu (SHIB) and have observed its recent trend with great concern. The asset’s price action has been far from bullish or even positive in the past few days, as it continues to lose touch with the market and fails to regain ground above the local support level at approximately $0.000025.
Recently, Shiba Inu’s price-performance hasn’t been bullish or even positive. This asset has slipped out of sync with the market and hasn’t managed to recover above its local support level, which hovers around $0.000025. The departure of major investors, or “whales,” is a clear indication that the market isn’t prepared for a growth spurt just yet.
As a crypto investor, I’ve observed that Shiba Inu has succumbed to intense selling pressure recently, causing its price to plummet below crucial support levels. The value dropped down to approximately $0.0000239 as it failed to maintain any ground above the $0.000025 mark. This downturn was accompanied by a significant decrease in large transactions, indicating reduced activity from whales.
Over the past 24 hours, there have been only 82 large transactions out of the recent seven-day peak of 341 high-value transfers in the crypto market. This significant decrease implies that major investors, often referred to as whales, might be selling off their holdings. Consequently, buying pressure is reduced, making it harder for prices to remain elevated.
In simpler terms, the large transactions representing 3.36 trillion SHIB within the last 24 hours account for a decrease compared to the peak of 5.7 trillion SHIB transacted in the past week. This reduction signals some easing in the behavior of major holders, but it also implies ongoing bearish trends.
Regarding the token summary, there are a few points worth considering. Firstly, not all token holders are in profit at the current price – only 61% are, while 35% have incurred losses. Additionally, large holders continue to dominate the scene with their ownership representing 73% of the total supply. However, it’s important to note that transaction volume is decreasing, which could suggest increased activity among larger holders rather than a growing interest from smaller investors.
As a crypto investor, I’m keeping a close eye on the moving averages of Shiba Inu (SHIB). A potential bearish sign would be if the 50-day Exponential Moving Average (EMA) falls below the 100-day EMA. If this happens, it could trigger selling pressure and cause SHIB to plummet towards support levels around $0.000022. A further breakdown below this level might push the price down to as low as $0.000018.
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2024-05-24 15:28