Whale netflows surge by 16%
As a seasoned researcher with a penchant for deciphering market trends and a soft spot for meme coins, I find myself intrigued by this recent surge in Shiba Inu‘s netflows. The 16% increase in large holder netflows is certainly a bullish indicator, suggesting that these whale investors are confident about SHIB‘s long-term prospects.
The consistent accumulation by large holders not only bolsters SHIB’s price momentum but also sets the stage for potential upward movement. However, as we all know, the crypto market can be as unpredictable as a Shiba Inu chasing its tail, so it’s important to keep an eye on selling pressure and profit-taking.
The reduced selling activity due to traders holding back on selling is definitely a positive sign, but it’s also crucial to consider the Network Realized Profit/Loss chart. If many traders are selling at a loss, it could indicate a potential drop below the $0.000021-support level. But hey, if you can’t stand the heat, get out of the Shiba Inu kitchen!
In conclusion, while SHIB is showing signs of a potential test of its $0.000033 monthly high, it’s important to remember that the crypto market is as unpredictable as my cat on a Monday morning. So buckle up and enjoy the ride! And remember, in the world of crypto, the only certainty is uncertainty… and meme coins!
Over the past seven days, there has been a significant 16% increase in the net outflow of Shiba Inu coins held by major investors, as reported by IntoTheBlock. This statistic monitors the movement of coins into and out of wallets that control more than 0.1% of SHIB’s total circulating supply, focusing on whale-sized addresses.
During the beginning of the week, a notable increase in net investments (inflows) was emphasized on the chart, indicating that large-scale investors, often referred to as ‘whales’, were actively buying SHIB. Towards the end of the week, there was a marked decrease in these net investments, which coincided with a slow improvement in SHIB’s price.
Building up stocks by significant investors frequently suggests optimism about a token’s future, indicating their faith in its long-term potential. This pattern strengthens Shiba Inu’s price trend and paves the way for possible growth, with the persistent investment from its large-scale backers serving as a foundation.
Traders hold back on selling, aiding SHIB’s price rally
Over the last week, SHIB’s Profit/Loss chart showed a predominantly downward trend, indicating that numerous traders who disposed of their tokens did so at a loss. This pattern, evident from Santiment’s data, suggests a decrease in selling activity due to traders’ hesitation to realize their losses.
As a result, the decrease in selling activity significantly contributed to the rise in SHIB’s price recently. By choosing to keep their tokens, investors have shown faith in SHIB’s ability to rebound, thereby amplifying its upward trend even more.
Shiba Inu price outlook: Monthly high in sight?
As a seasoned cryptocurrency investor with years of experience under my belt, I see the current price action of Shiba Inu (SHIB) as a potential opportunity. At press time, SHIB is trading at $0.00002433, and based on its monthly high of $0.000033, it seems poised for a test or even surpassing that level. The Relative Strength Index (RSI) at 52.68 indicates moderate buying pressure, which aligns with my observation of the bullish momentum the coin has been maintaining, despite a slight consolidation.
Having seen similar price patterns in other cryptocurrencies throughout my investment journey, I believe there is room for further upside before SHIB enters overbought territory. While it’s crucial to always exercise caution when investing, I personally find this situation intriguing and plan to keep a close eye on SHIB’s progress.
Furthermore, the Capital Maintenance Fund (CMF) showed slight withdrawals but indications of recovery – A positive indication of potential incoming capital.
Based on my years of experience in cryptocurrency trading and analysis, I believe that if the accumulation of whales continues to increase significantly while selling pressure remains low, Shiba Inu could potentially surge past its current resistance at $0.000026 and aim for the $0.000033 mark. However, it’s important to remember that heightened profit-taking among investors might reverse these gains and lead to a possible drop below the $0.000021 support level. I have seen similar scenarios play out in the past, where strong rallies are followed by sudden corrections due to profit-taking or other market factors. Therefore, it’s crucial to remain cautious and keep a close eye on market developments before making any investment decisions.
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2025-01-04 18:15