- After weeks of decline, whales have reduced their selling activity, while retail and derivative traders are increasing their SHIB accumulation.
- On the technical charts, SHIB shows the potential for a substantial price jump, with projections suggesting gains of up to 99%.
After experiencing steep drops by 12.31% and 26.72% recently, Shiba Inu [SHIB] appears to be displaying initial signs of rebound. The memecoin managed a small increase of 0.41% today, suggesting a potential change in direction for its momentum.
It seems like whales (large investors) are reducing their selling activity, which could potentially allow smaller traders, including those dealing with stocks and derivatives, to boost the price upward in the near future.
Whale selling activity declines
Based on information from IntoTheBlock, there’s been a notable drop in whale activity over the last 24 hours. This decline is reflected in both the reduction of transactions and the decrease in their respective volumes.
Whales represent individuals or entities that possess up to 1% of a specific asset’s total amount. They play significant roles in shaping market trends, particularly price movements. At the current moment, the number of whale transactions involving SHIB has almost been cut in half. It went from 130 the day before to only 70.
This latest trade reduced the overall Shib trading volume to around 920.76 billion Shib, which equates to a value of about $19.87 million.
As the price continues to rise while it’s going down, it seems like the whales are moving away from actively selling towards a more balanced stance in the market.
The decline in this trend is also supported by the fact that the average transaction amount within the last day has decreased significantly to around $5,960, falling well short of the typical seven-day average of approximately $22,640.
When the involvement of large investors (whales) decreases, smaller investors typically take their place, possibly shaping the direction of price movements. Over time, significant activity by these large investors has maintained higher-than-average transaction values. A decrease in participation suggests a lessening of influence from major stakeholders.
As a researcher delving into the dynamics of SHIB’s market, I scrutinized the actions of both retail and derivative traders – crucial players within this sphere. The aim was to uncover their potential influence on Shiba Inu’s upcoming price fluctuations.
SHIB eyes a 99% rally as trader activity intensifies
Shiba Inu (SHIB) could be on the verge of an upward trend, mirroring a pattern seen in 2024. At present, it’s following both a falling resistance line and a support level. Back in 2024, a breakout from this pattern resulted in a significant 156.56% price increase.
Should history follow its pattern and the existing support at approximately $0.00002055 persists, a potential breakthrough of the falling resistance line could potentially trigger a substantial 99.15% surge for SHIB, bringing it up to around $0.00004095.
It’s anticipated that this possible rally will likely kick off due to the increasing optimism among individual traders, who are showing growing bullish sentiments. The data from Coinglass suggests an uptick in trading activities, not only among derivative traders but also those dealing with spot markets.
In the last 24-hour period, the Open Interest experienced a significant increase of 28.97%, totaling approximately $226.89 million. This growth suggests a higher volume of outstanding derivative agreements.
A slight uptick (0.0110%) in the funding rate indicates more traders are buying bullish contracts for SHIB, which typically means there’s a growing likelihood that its price will increase in the near future.
At the same time, some traders are transferring their assets from exchanges to personal wallets. This tactic is frequently employed by market players who expect a rise in asset prices over the long term.
Around half a million dollars’ worth of Shiba Inu (SHIB) tokens were moved off exchanges yesterday, hinting at increasing trust and lessening selling pressure.
As bullish sentiment grows among individual and derivatives investors, Shiba Inu (SHIB) appears poised to experience a substantial price surge.
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2025-01-11 23:04