Recent discussions around Shiba Inu (SHIB) have highlighted a notable shift in the behavior of cryptocurrency whales, suggesting they may be stepping back from their selling frenzy. This change could potentially lead to a price increase for SHIB as the impact of these large holders diminishes. Let’s delve into the details.
On-chain data for Shiba Inu indicates a decrease in the number of large transactions associated with the coin, which could either signal an upward price trajectory or a phase of consolidation. This shift may have been triggered by whales converting their investments into capital, following a period of increased activity and subsequent decline in volume.
Despite a sharp drop during the selling period, the price of SHIB has shown signs of recovery, either trending upwards or stabilizing at current levels. This suggests a reduction in selling pressure and a potential stabilization in price.
Technical analysis of the SHIB chart reveals a bullish candlestick formation, hinting at a possible reversal of the previous downtrend. The Moving Average (MA) lines – 50-day (orange), 100-day (blue), and 200-day (black) – are trending upwards, a classic bullish signal.
The positioning of the 50-day MA above the 100-day and 200-day MAs reinforces the positive sentiment. Additionally, the Relative Strength Index (RSI), a key indicator measuring recent price changes, is in the neutral range of 50-60, indicating that SHIB is neither overbought nor oversold at the moment.
The post-surge price consolidation suggests that the market is reaching a consensus on a new token value, following the whales’ profit-taking. This crucial phase lays the groundwork for potential upward momentum or resistance and could lead to a pullback.
As Shiba Inu navigates this critical juncture, investors are eagerly watching for signs of renewed upward trend or increased market resilience. At the time of writing, SHIB is trading at $0.00001033.