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Shiba Inu metrics show a significant drop in the number of large transactions typically associated with whales. This trend is often a precursor to volatility or a downturn in price, leading to speculation about the future performance of SHIB.
Major transactions from these whales are a sign of confidence and can move SHIB's price significantly. With fewer of these transactions happening, some are worried that SHIB's price could drop, as it suggests whales might not be as interested in SHIB as they once were.
But the story is not that bad. Markets can change fast, and SHIB could still bounce back if the mood among investors improve, or if something exciting happens on the broader crypto scene.
A technical analysis of the SHIB price chart reveals specific price levels of interest. Currently, the support level to watch is at $0.00002236. If this level holds, it may provide the stability needed for SHIB to attempt an upward reversal. On the flip side, resistance is found at $0.00002758, which SHIB would need to break through convincingly for any rally to be confirmed.
Arman ShirinyanResistance, on the other hand, sits at $0.00002758. If SHIB can break past this barrier, it could mean the start of a new rise in price. For now, though, the absence of whale transactions has left many unsure about what will happen next.
Unfortunately, without the support of whales, Shiba Inu could end up being in a tough spot as the asset misses one of the main fuels for the price growth. The only scenario in which a positive reversal can be seen is the return of retail buying power, which is not yet happening due to the general market correction.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin