Almost 15 Billion Shiba Inu (SHIB) in 24 Hours: Are Whales Ready?

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As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by the current state of Shiba Inu (SHIB). While the recent price fluctuations have been challenging, the on-chain data presents an interesting puzzle that could potentially signal a comeback or further decline. The staggering transaction volumes of 14.84 trillion SHIB within 24 hours might seem impressive, but they fall short of the seven-day high recorded in November 2024.

Shiba Inu’s price has been struggling to maintain its previous peaks, showing signs of slowing down momentum. Despite the challenges, on-chain information suggests intriguing trends that could hint at a potential recovery or further declines. Remarkably, over 14.84 trillion SHIB transactions were made in the last 24 hours.

Although this figure is substantial, it’s still lower than the seven-day peak of 21-23 trillion SHIB, achieved on November 14, 2024. The data further reveals a marked decrease in whale activity, an essential driver behind Shiba Inu surges in the past. This reduction in large transactions raises the speculation that prominent investors may be offloading their holdings, suggesting caution in the market.

At approximately 0.000025, a level that previously acted as resistance during the asset’s latest rise, the price chart indicates a battle between bulls and bears. After retracing, Shiba Inu (SHIB) is trying to test the $0.000024 support area. If this level holds, it could serve as a springboard for further growth, but if it breaks, it might lead to a more significant correction, possibly pushing SHIB back towards the $0.000021 support range.

According to the Relative Strength Index (RSI), there’s a slight pullback from overly bought conditions, indicating reduced buying enthusiasm. This downtrend in trades aligns with this observation, and it might also signal waning interest among individual investors. However, SHIB could potentially continue its presence due to on-chain activity. With high transaction volumes and notable whale movements, there’s a possibility of another surge if these trends persist.

To pique fresh involvement from institutional and individual investors, Shib needs to regain the $0.000025 mark and sustain movement beyond it. At present, the future direction of Shib is rather ambiguous, but keeping an eye on whale activities and crucial support levels will be vital in predicting its next move. While a surge in volume and attention could potentially reignite the rally, a degree of cautious optimism is advisable for now.

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2024-11-20 16:02