According to U.Today, Shiba Inu's recent price performance has been less than positive, with the asset struggling to maintain its position above the local support level of approximately $0.000025. This is indicative of a market that is not yet ready for a growth phase. Shiba Inu has succumbed to strong selling pressure, causing the price to fall below key support areas to around $0.0000239. This coincides with a decrease in large transactions, suggesting a drop in activity by large holders, also known as whales.
Over the past week, there has been a significant decrease in the number of high-value transactions. From a seven-day high of 341 transactions, only 82 large transactions have been conducted in the last 24 hours. This suggests that whales are reducing their positions, which weakens the buying pressure needed to maintain higher prices.
In the past 24 hours, the volume of large transactions amounted to 3.36 trillion SHIB, compared to a seven-day peak of 5.7 trillion SHIB. This indicates some relief in the activity of large holders, but it also hints at continued bearish pressure.
Adding to the concerns surrounding the token, only 61% of holders remain profitable at the current price level, while 35% are at a loss. The concentration by large holders remains high at 73%, but the decreasing transaction volume suggests increased activity among these large holders. Another potential issue is the possible bearish cross of the 50-day and 100-day EMAs. A break below such a level could increase selling pressure, potentially pushing SHIB to further lows of support around $0.000022 and possibly even down to $0.000018.