As a seasoned researcher with years of experience analyzing cryptocurrency markets, I’ve seen my fair share of volatility and trends. The recent drop in Shiba Inu’s transaction volume has certainly piqued my interest. The decline in whale activity could be a sign of shifting sentiment among major investors, which is always a factor to consider.
In just one day, Shiba Inu saw a significant decline in the number of on-chain transactions, with the total volume of large transactions dropping from 6.3 trillion to 2.5 trillion SHIB. This decrease in whale activity may indicate reduced backing or enthusiasm from big investors, who had been driving up the price of SHIB recently.
A decrease in large transaction volumes is often connected to shifts in the attitudes of significant investors, or “whales.” These investors might be moving their funds elsewhere or postponing future investments when they exit current transactions. Since these major players usually provide the market with substantial support and liquidity, less whale involvement could pose a challenge to SHIB’s ongoing upward trend.
Recently, the value of SHIB has encountered substantial resistance near the $0.000019 mark, as indicated by the price chart. This level represents a key obstacle within an ascending triangle pattern that SHIB has been forming. Breaking through this barrier has proven difficult due to its strength. Ascending triangles usually indicate a bullish trend, suggesting prices could potentially increase. However, this is contingent upon sufficient buying pressure, which might be compromised by the recent reduction in whale transactions.
As a researcher examining Shiba Inu (SHIB), I observe an intriguing technical pattern emerging: The shorter-term moving averages, such as the 50 Exponential Moving Average (EMA), are currently positioned above their longer-term counterparts, creating a robust configuration. However, it’s important to note that this uptrend may face challenges due to a decline in whale support. Despite the RSI being relatively moderate at around 59, it suggests that buying interest is still present. For now, SHIB investors should remain vigilant and closely monitor whether major holders will re-enter the market.
If the population of whales (large investors) doesn’t recover, there might be increased selling of SHIB, making it harder for SHIB to break through the resistance at $0.000019. However, if SHIB can maintain support around $0.00017 without significant backing from whales, it could show signs of strength among smaller investors, leading to a gradual upward trend, albeit slower.
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2024-11-08 11:37