On the last day, there was a significant change in Shiba Inu on-chain dynamics, as evidenced by the drop in large transaction volumes from nine trillion SHIB to five trillion SHIB. Since whale activity has historically caused the largest fluctuations in asset prices, this decline indicates a decline in whale activity.
Despite the recent decline in whale activity, SHIB continues to demonstrate resilience in terms of its network performance. The concentration of large holders, at 73%, is still high, suggesting that whales still hold a significant portion of the supply. Additionally, the mixed sentiment among investors is evidenced by the fact that 46% of holders are currently out of the money, while 49% of holders are currently in profit at the current price.
According to price chart analysis, SHIB is currently trading around the $0.00001600 mark. Potential support is expected to form at the 50 EMA, or around $0.00001578. If this level continues, SHIB could stabilize and perhaps attempt to recover. However, if this support level is broken, additional downward pressure could arise.
The next significant support is located at $0.00001452. In terms of resistance, SHIB is currently facing resistance near the $0.00001760 level. A break above this level could allow for a retest of the $0.00001800 region, but SHIB may have difficulty generating the momentum needed for a long-term breakout given the current decline in large transaction volumes.
Although Shiba Inu has seen a decline in whale activity, the asset remains relatively stable, with key support and resistance levels to keep an eye on. Investors should keep an eye on the $0.00001578 support and $0.00001760 resistance levels to gauge the next potential move.
