According to U.Today, Shiba Inu has experienced a significant decrease in the number of large transactions, often associated with whales. This trend is usually an indicator of potential volatility or a price downturn, leading to speculation about the future performance of SHIB. Major transactions from these whales often signify confidence and can significantly influence SHIB's price. The reduction in these transactions has raised concerns that SHIB's price could fall, suggesting that whales might be losing interest in SHIB.
However, the situation is not entirely negative. Market conditions can change rapidly, and SHIB could rebound if investor sentiment improves or if there are exciting developments in the broader crypto market. A technical analysis of the SHIB price chart has identified specific price levels of interest. Currently, the support level to monitor is at $0.00002236. If this level remains stable, it could provide the stability needed for SHIB to attempt an upward reversal.
Conversely, resistance is found at $0.00002758, which SHIB would need to convincingly surpass for any rally to be confirmed. If SHIB can overcome this barrier, it could signal the beginning of a new price increase. However, the lack of whale transactions has left many uncertain about what will happen next.
Without the support of whales, Shiba Inu could find itself in a challenging position as it lacks one of the primary drivers of price growth. The only scenario in which a positive reversal can be expected is the return of retail buying power, which is not yet occurring due to the general market correction.