Sharp Decrease in Shiba Inu Whale Transactions by 66%, Causing Price Dip to $0.000014
Hey there! Here's a quick scoop on the recent happenings with Shiba Inu (SHIB).
Over the past three days, we've witnessed a massive drop in SHIB whale activity. These big players have stepped back, with large transactions plummeting from 195 to a two-week low of 66—that's a whopping 66.15% decrease!
This decline in whale transactions is a clear signal that these heavy hitters are taking a breather from both buying and selling sides. Sounds like they're biding their time for now.
Sell Off and Buy Off: Down Sizin'
The drop in SHIB whale outflows is pretty dramatic. From 2.06 trillion SHIB, it's tumbled down to a mere 221.6 billion. That's a lot less SHIB moving around in the market.
On the flip side, whale inflows have also dwindled, heading down from 2.4 trillion to 271.9 billion. Seems like the whales aren't keen on making big moves right now.
What's Happening to the Price?
With the whales taking a step back, demand for SHIB has dipped, and that's affected its price action. As of writing, SHIB is trading at $0.00001429, a 5.65% drop in 24 hours.
The recent decline indicates a change in market sentiment, with sellers taking control. The spot activity among retail traders is primarily selling, and that's pushing the price down.
Technical Analysis: Bearish Territory and Red Volume Delta
Looking at the charts, we can see that the RSI (relative strength index) has crossed over into bearish territory, signaling an increase in downward pressure as sellers become more dominant.
Moreover, the volume delta has turned red as sell volumes surged while buy volumes hit a lower note, leaving a negative Delta of -148.89 million. That's a pretty strong signal that sellers are dominating the market right now.
So, Where to Next for SHIB?
Well, if the market conditions persist, SHIB could drop to $0.00001387. But for a trend reversal, buyers need to return to the market to ensure a daily close above $0.00001478.
There you have it! Keep an eye on those whales, folks. They might be watching and waiting for their next big move!
- The recent decline in Shiba Inu's (SHIB) whale activity could be affecting the broader crypto market sentiment, with a significant decrease in transactions potentially indicating caution from large investors.
- The impact of reduced whale activity can also be seen in the finance world, as the selling pressure from major players is causing the price of SHIB to fall, potentially influencing other digital assets in the technology sector.
