As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless instances where whale activity doesn’t always correlate directly with price action – a fact that often leaves even the most astute observers scratching their heads.
In the past day, there’s been a significant upsurge in whale transactions related to the canine-themed digital currency, Shiba Inu (SHIB). This surge has led to a 136% jump in large-scale trading volume.
Transactions exceeding $100,000, as per IntoTheBlock, are categorized as substantial. Such transactions often indicate significant buying or selling activities by major investors or ‘whales’.
On specific days, the quantity of significant transactions offers a rough gauge of the total trading activity conducted by large players like whales and institutions.
For the dog-themed cryptocurrency, Shiba Inu, the value of significant transactions soared to approximately $43.47 million over the past day, which is equivalent to about 3.03 trillion units in crypto terms. This substantial increase represents a noteworthy jump of 136%.
Regardless of the surge in significant transactions, the value of SHIB hasn’t mirrored the increased activity among major investors as yet.
Currently, as I write this, the Shiba Inu (SHIB) token has seen a 4% increase over the past 24 hours to $0.00001474. However, this rise doesn’t seem to align with the heightened whale activity during the same period. It could be due to several reasons, although the specific cause remains elusive.
It’s important to mention that right now, Shiba Inu is significantly outperforming the top 20 cryptocurrencies in daily returns, suggesting that the general market attitude might be influencing its price movements.
What’s next for SHIB price?
On September 17th, Shiba Inu started to rise, and if it ends today in positive territory, this would mark the fifth consecutive day of gains. For Shiba Inu to keep up its current upward trend, it may require a consistent break above its Daily Simple Moving Average (SMA) 50, which has generally contained the price since April.
In this situation, Shiba Inu (SHIB) could potentially reach $0.000016 and then strive for the daily Simple Moving Average 200 ($0.0000208). However, at this level, bears are predicted to mount a strong resistance. If SHIB drops below $0.000014, it may continue in a pattern of sideways trading.
In such a scenario, the Simple Moving Average (SMA) 50 could serve as an initial floor on the downside, followed by approximately 0.000013. Dropping below this level may indicate a continuation of the downward trend.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- LBT PREDICTION. LBT cryptocurrency
- GAMMA PREDICTION. GAMMA cryptocurrency
- Best Turn-Based Dungeon-Crawlers
2024-09-21 18:57