As a researcher with over two decades of experience under my belt, I’ve seen bull markets rise and bear markets fall, but the current state of Shiba Inu (SHIB) has me scratching my grey-flecked beard in puzzlement. The trillion-level transactions we once knew have plummeted to a mere 628 billion SHIB transactions in the last 24 hours – a stark reminder of the ever-changing tides of the crypto market.
Unlike the massive on-chain transactions involving trillions of Shiba Inu coins, the volume has dramatically dropped off, with only approximately 628 billion SHIB being transacted over the past day. This decrease in transactional activity raises questions about the longevity and market attractiveness of SHIB, hinting at a possible shift in whale behavior.
Based on our data analysis, several points become clear. It seems that the recent drop in transaction volume might be due to lackluster price fluctuations or unfavorable market circumstances. This decrease could suggest that major investors, often referred to as whales, are decreasing their SHIB-related activities. With reduced whale participation, there may be less buying pressure, which could hinder swift price rises. If the number of whale transactions continues to decline, it might become challenging for SHIB to sustain any bullish momentum. This is because there may be fewer liquidity sources and trading interests available.
If whales (large investors) typically help smooth out volatile markets for Shiba Inu (SHIB), then a lack of their support might make SHIB more susceptible to sudden price fluctuations triggered by smaller market transactions. Based on the technical chart, it appears that SHIB has been struggling to maintain its upward momentum.
As an analyst, I’m observing that any potential rally in this asset might predominantly depend on retail involvement and smaller investors, given the scarcity of significant whale activity. It’s crucial to monitor the support level at $0.000017 and the resistance levels at $0.000018 and $0.00002. These levels are vital because SHIB would likely need substantial trading volume to surpass them.
In essence, on-chain data simply mirrors current events and trends within the market, while fundamental factors carry significantly more weight when it comes to forecasting an asset’s future direction.
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2024-11-03 14:02