- SHIB’s price dipped by 28% to a bullish flag support level in just 3 days.
Large transactions fell by over 53% too
As an analyst with experience in cryptocurrency market analysis, I believe SHIB‘s recent price action and on-chain metrics indicate a mixed outlook for the memecoin. The sudden 28% dip in just three days to test the bullish flag support level at $0.00001368 is concerning but not entirely unexpected given the market volatility we’ve seen recently.
Currently, the value of Shiba Inu (SHIB) is noticeably high as it attempts to hold its ground at approximately $0.00001368, which serves as a crucial support level. This situation arises from recent price fluctuations and on-chain indicators, suggesting a potentially ambiguous future for SHIB in the near term. Consequently, keeping an eye on upcoming developments related to SHIB is advisable.
As a researcher observing the cryptocurrency market since the 5th of March, I’ve noticed SHIB forming a bullish flag pattern on its price chart. This technical configuration is typically a precursor to a strong price surge.
The recent 28% plunge of the altcoin within a span of three days, causing its price to hover around $0.000014, has put SHIB at a pivotal point as it approaches the lower boundary of its flag’s support.
SHIB whales taking a breather?
Recently, the volume of sizeable deals on the SHIB network experienced a notable decrease of approximately 53.3%. This substantial drop could potentially indicate that the intensity of whale activity has lessened.
Large-scale investor withdrawals this season might temporarily reduce market instability. Yet, it could be a sign that significant investors lack clear direction, making Shib Inu vulnerable to outside market influences.
Majority still in the green
As an analyst, I’ve noticed that despite the recent decline, over half (61.63%) of SHIB addresses continue to show a profit based on IntoTheBlock’s data. This means that most investors holding SHIB have yet to experience any losses, which could potentially help mitigate panic selling due to the psychological comfort of still having unrealized gains.
However, it also means there is still room for potential profit-taking if sentiment turns bearish.
What next for SHIB?
The intersection of technological and blockchain indicators keeps Shibaswap in a uncertain state. A bullish flag formation brings optimism for a possible recovery. Yet, the significant decrease in whale transactions and the vast number of profitable wallets suggest market instability.
In the immediate future, the focus lies on whether Shib will manage to maintain its current level of support. A strong rebound from this point could ignite optimism and confirm the significance of the flag pattern.
An alternative scenario could play out where a breakdown results in additional declines, possibly reaching the next significant levels of support.
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2024-07-06 09:11