Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred when trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
In the cryptocurrency world, Shiba Inu (SHIB) has grabbed the headlines and it’s easy to see why. Last week, the token saw a surprising 12.5% surge, changing its price from a 7 to an 8.
However, the question on everyone’s mind is whether this rise can continue or whether the crypto giant will stumble upon a formidable resistance zone.
The current state of the Shiba Inu token price chart is ringing alarm bells and major holders and investors are paying attention to the warning signs.
According to data from IntoTheBlack, a renowned on-chain analytics platform, there has been a 44% increase in the outflow of Shiba Inu tokens held by large investors in the last 24 hours, reaching a staggering 254.75 billion SHIB .
In stark contrast, SHIB inflows into the portfolios of large holders plummeted to 360.8 billion, a substantial 74.2% decline from the previous day.
These dramatic movements can be interpreted as a mass exodus of Shiba Inu whales, with two possible reasons behind their actions: anticipation of a price correction or a move to cash in on their profits.
More signs
Prominent crypto analyst Ali Martinez recently expressed similar concerns.
He noted that the TD Sequential indicator shows a sell signal on the daily chart for Shiba Inu (SHIB), as well as other cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), and Injective (INJ).
This indicator suggests that there may be a possible correction on the horizon before the uptrend resumes.
The cryptocurrency market is increasingly volatile and the fate of Shiba Inu remains uncertain. As the whales retreat, all eyes are now on how SHIB will respond to this potential correction and whether she can continue her journey towards new local highs.
