Shiba Inu (SHIB) has seen a remarkable 148% increase in volume, indicating increasing interest from wealthy investors in the cryptocurrency market. However, the market price of the SHIB token remains under pressure due to the overall declines in the cryptocurrency sector.
“The recent increase in trading volume suggests that large investors are ready to take action, but the market is currently showing a sell sentiment,” a COINOTAG analyst said.
Over the past 24 hours, Shiba Inu’s large trading volume has reached a staggering $300.98 million, indicating that 11.61 trillion SHIBs have been transferred, and large transactions usually highlight major trends in investor behavior. While whale activity suggests the interest of large investors, price action paints a different picture, with selling pressure dominating.
The cryptocurrency market is currently in a significant pullback, and this is having an impact on prices. Bitcoin lost 1.80% in the last 24 hours to $96,883, while other cryptocurrencies such as XRP and Dogecoin also fell by 13%. SHIB did not show a similar price increase despite its large trading volume; according to the latest trading data, SHIB’s price has fallen 9.05% in the last 24 hours, falling to $0.00002486. The falling prices, combined with the increasing trading volume, suggest that whales’ profit-taking could further exacerbate the current bear trend.
The Shiba Inu’s recent price action has been in response to market conditions. After recovering from a low of $0.000023 on November 21, SHIB has surged to $0.00002816 in just two days. However, the price has fallen back to around $0.00002494. This indicates a clear reversal from the intraday high. In order to overcome the downside momentum, buyers will need to break through the resistance at $0.0000281. Such a move could pave the way for a rally towards $0.000029. If there is a strong break above this level, SHIB could accelerate towards higher targets such as $0.000039 and $0.000047.
The future of Shiba Inu will largely depend on buyers maintaining their momentum and breaking through the established resistance levels. However, if the price drops below $0.000023, more bearish sentiment could emerge, which could trigger a pullback to the 50-day moving average (SMA) and a drop to $0.000020. It is important for investors and analysts to monitor market trends carefully, as the volatile nature of cryptocurrencies can cause rapid price movements. Therefore, investors need to be careful and consider market fundamentals when making decisions.