The data from Shiba Inu’s transactions indicates a noticeable decrease in large deals, usually made by big investors or “whales.” Historically, this pattern has been a warning sign for market instability or a potential price decline. Consequently, some investors are wondering about the upcoming direction of SHIB based on this observation.
Whale activities with substantial SHIB transfers indicate their faith in the token and have the potential to influence SHIB‘s pricing noticeably. A decrease in these transactions raises concerns that whales may be losing interest in SHIB, potentially leading to a price decline.
The story isn’t as bleak as it seems. Markets are known to shift rapidly, so SHIB may recover if investor sentiment improves or if noteworthy developments arise within the larger crypto market.
An examination of the SHIB price chart using technical analysis reveals significant price points. At present, the level to keep an eye on as a potential support is $0.00002236. If this holds, it could offer the foundation required for SHIB to make an attempt at reversing its downward trend. However, a resistance level looms at $0.00002758, which SHIB would need to surpass with strength for any upward movement to be considered valid.
Alternatively stated, the resistance level for Shib is currently at $0.00002758. Should SHIB manage to surpass this hurdle, it could signal the initiation of a fresh price increase. However, with no significant whale transactions observed recently, there exists uncertainty regarding the coin’s future price movement.
Regrettably, whales’ absence may leave Shiba Inu in a challenging position, as the asset lacks one essential element for price surge – their support. A turnaround could only be observed under the condition that retail investors regain their buying strength, but this trend has yet to emerge due to the ongoing market downturn.
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2024-04-10 15:12