Shiba Inu Price on Verge Amid 800 Billion SHIB Whale Sell-Off

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As a seasoned crypto investor with battle-scars from countless market fluctuations, I must admit that the recent trends of Shiba Inu (SHIB) have raised some red flags for me. The price action and moving averages suggest a potential downward momentum, which is never a comforting sight in my portfolio.

The meme-based cryptocurrency Shiba Inu (SHIB) may be about to decline, and here are the two factors that suggest this might happen.

Yesterday’s trading session saw a 3.57% drop in SHIB’s price action, which is significant because it dipped below the crucial 200-day moving average on the daily price graph.

Further investigation supports this observation, as the Shiba Inu token consistently struggled to surpass its crucial 50-day moving average line on the hourly graph for a full 19 hours, even with several efforts to do so.

At present, SHIB is valued at approximately 0.00001856 USD. If selling pressure persists and bears outnumber bulls, the value of this meme-inspired cryptocurrency could potentially decrease. This drop might reach around 0.00001776 USD, which is where its 200-day moving average on the hourly chart resides, or even as low as 0.00001687 USD, coinciding with its 50-day moving average on the daily price graph.

Whales leave Shiba Inu (SHIB)

A key signal suggesting an approaching storm for Shiba Inu token is the recent bearish trend in the actions of major token holders during the last 48 hours, which can be described as less than optimistic at best.

Based on data from IntoTheBlock, these wallets holding at least 0.1% of the SHIB token’s total circulation have transferred approximately 810 billion SHIB off their wallets since Tuesday, indicating a net outflow.

It’s evident that significant Shib holders are choosing to sell, possibly due to the unpredictable market conditions. When the token approaches a robust resistance level, it seems safer to sell and observe rather than holding on with the expectation of a potential breakthrough.

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2024-10-31 15:46