- Large SHIB transaction volumes have dropped from 2.65 trillion to 1.84 trillion.
- SHIB’s netflow to exchanges reached 321 billion tokens, the highest level in over a week.
As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of trends and fluctuations. The recent developments in Shiba Inu [SHIB] have caught my attention, particularly the drop in large transaction volumes and the surge in netflows to exchanges.
At the moment of reporting, Shiba Inu [SHIB] was priced at $0.00001879, marking a 3% increase over the past 24 hours. However, during this period, trading volume significantly decreased by 11%, indicating a relatively low interest in SHIB at its current price level.
The decrease in demand might stem from a decline in whale trading activity. An analysis of Shiba Inu’s substantial transactions over the past week indicates that the influence of whales on buying has decreased.
At the moment of reporting, the number of significant Shiba Inu transactions had decreased significantly, from approximately 2.65 trillion to 1.84 trillion.
This week, an increase in whale-related Bitcoin transactions became noticeable following the recovery of Bitcoin’s price, which sparked optimism throughout the cryptocurrency sector.
Instead, the frequency of whale transactions has decreased recently, implying that they might be holding out for a chance to boost or decrease their investments.
An examination of exchange data indicates that some Shiba Inu token holders may be preparing to offload their coins. At present, the net flow to exchanges amounts to 321 billion tokens, which is the highest level in more than a week. This influx represents a substantial increase compared to the negative flows observed the previous day.
If these tokens get sold, there might be an increase in Shiba Inu’s price instability, potentially causing it to decline. Nevertheless, a closer examination of the technical factors suggests that the market is still dominated by buyers.
SHIB technical analysis
As a researcher, I’ve noticed that Shiba Inu (SHIB) has established a bullish symmetrical triangle formation on its daily chart, indicating potential dominance by the bulls. The Awesome Oscillator has transitioned into green as SHIB endeavors to breakout upward from this pattern, suggesting a shift in momentum from bearish to bullish.
Examining the Relative Strength Index (RSI) currently at 61 indicates a surge of bullish power. Yet, the RSI graph has shown only slight variations and has been moving close to a flat line, hinting that Shib may be in a period of consolidation or stability.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
If the Shiba Inu cryptocurrency manages to escape from its symmetrical triangle formation, it might surge towards the next resistance point which is around $0.00001915 (representing a 100% Fibonacci level). On the other hand, if this breakout doesn’t materialize, Shiba Inu may fall back to test support at approximately $0.0000179.
According to data from Coinglass, about half (51%) of traders are currently holding long positions on SHIB, which is a rise compared to the 49% reported the day before. Short positions, however, have decreased. This surge in investors anticipating a price increase suggests a positive outlook for SHIB.
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2024-10-18 19:03