Lately the evolution of the Shiba Inu price was far from being bullish or even positive. The asset is clearly losing touch with the market and has failed to regain ground above the local support level at around $0.000025. The whale exodus clearly shows that the market is not ready for a growth phase still.
Lately the evolution of the Shiba Inu price was far from being bullish or even positive. The asset is clearly losing touch with the market and has failed to regain ground above the local support level at around $0.000025. The whale exodus clearly shows that the market is not ready for a growth phase still.
Shiba Inu has recently capitulated to heavy selling pressure that drove the price below key support areas. The price fell to around $0.0000239 as it failed to maintain a position above the $0.000025 level. This coincided with a decrease in large transactions, indicating a drop in whale activity.
For example, of the seven-day high of 341 transactions, only 82 large transactions have taken place in the last 24 hours. This decline in the number of high-value transactions suggests that large holders, or whales, are lightening their positions and weakening the buying pressure needed to sustain higher prices.
At the same time, the volume of large transactions over the past 24 hours amounted to 3.36 trillion SHIB compared to the peak of 5.7 trillion SHIB in seven days. This means, in general terms, some relief regarding the activity of large holders, which still suggests downward pressure.
Yuri MolchanTo add a few more concerns regarding the token summary: first, the fact that only 61% of holders remain in the black at the price level, while 35% are out of money. The concentration of large holders remains very high (73%), but the decrease in transaction volume is a good indicator of the increase in activity of large holders.
Another problematic level would be a possible bearish crossover of the 50 and 100 day EMAs. An even worse break below that level would likely encourage selling pressure that would push SHIB to new support lows around $0.000022 and quite possibly as high as $0.000018.
