As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility and price swings. The recent drop in Shiba Inu (SHIB) price, down by nearly 15% in the last 24 hours, is a reminder that short-term gains can be fleeting and that investor sentiment plays a significant role in shaping market trends.
Shiba Inu (SHIB), the cryptocurrency with a dog theme, has seen a substantial decline in value over the past day, losing approximately 15%. Currently, its price stands at $0.00002097, which represents a decrease of around 10.36% compared to the previous 24 hours.
Based on the blockchain data, it appears that the selling activities of short-term traders could have contributed to the recent price drop of SHIB. The insights from IntoTheBlock’s holding time of transacted coins indicator might provide some insight into the current attitude of Shiba Inu investors.
The length of time investors hold onto traded cryptocurrencies can offer valuable clues about their conviction levels and the prevailing market mood.
The average duration that Shib tokens remain in circulation after a transaction is relatively short, ranging from two weeks to one month. This pattern implies that investors are currently prioritizing short-term profits with SHIB.
When the price of SHIB took a significant dip on April 30th, I noticed that the average holding period for coins being transacted was around a month. This suggested to me that many short-term traders were active in the market, likely having bought Shiba Inu during the peak of its rally in March.
In the beginning of March, Shiba Inu experienced a significant rise, reaching peaks at $0.000045. Following this surge, investors cashed in their profits. However, demand for Shiba Inu continued, causing it to regain highs at $0.00003285 on March 28. Subsequently, the price took a downturn and dropped in value during the following weeks.
When considering the impact of short-term traders, it’s important to keep in mind the larger picture of the overall market trends.
The entire cryptocurrency market, spearheaded by Bitcoin, is currently enduring significant declines. On Wednesday alone, Bitcoin dropped more than 9%, marking its most disappointing monthly showing in April since the end of 2022. Amidst this trend, investors have been pulling their funds from cryptocurrencies in anticipation of the Federal Reserve’s upcoming interest rate decision.
Shiba Inu seems to be developing a bull flag formation on its daily chart, as suggested by crypto expert Ali. This potential pattern could lead to new record-high prices for Shiba Inu if confirmed.
If the price of SHIB bounces back from approximately $0.000018343, it could trigger a bullish surge, potentially driving the coin’s price up to around $0.000072323.
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2024-05-01 16:06