In the past 24 hours, the dog-inspired cryptocurrency, Shiba Inu (SHIB), has seen contrasting fluctuations in trading activity and whale movements.
Article Contents
Shiba Inu Whale Activity and Retail Trading
Shiba Inu Price Rise and Market Reactions
Shiba Inu Price Action
Frequently Asked Questions
Shiba Inu Whale Activity and Retail Trading
According to data from IntoTheBlock, Shiba Inu’s large transaction volume, an often-indicative indicator of whale activity, has dropped by 20.73% over the past 24 hours. This translates to $121.29 million or 4.78 trillion SHIB tokens. Despite the drop in large transaction volume, SHIB’s price has risen by 13%, attracting renewed interest from the general cryptocurrency market.
This drop in whale activity coincides with a massive 92% surge in Shiba Inu’s total trading volume, which has risen to $3.19 billion in the past 24 hours, according to CoinMarketCap data. This marks a significant uptick in retail trading activity, suggesting that smaller investors are stepping into the arena as whales take a temporary break.
Shiba Inu Price Rise and Market Reactions
Shiba Inu price has responded positively to the increased interest in the market, rising by 13% in the past 24 hours to currently trade at $0.00002759. This price action indicates positive sentiment for SHIB despite the decline in whale-driven transactions.
The high trading volume and price indicate that retail traders are looking to capitalize on SHIB’s short-term volatility and growth potential.
Shiba Inu Price Action
Shiba Inu has rallied from a low of $0.000023 on November 21, indicating that bulls continue to buy on dips. From there, Shiba Inu could post a third consecutive day of gains if it closes in the green today.
At the time of writing, SHIB is trading at $0.00002768, having hit an intraday high of $0.00002816 in Saturday’s trading session.
To allow a retest of the $0.000029 level, buyers must push the price above the immediate resistance level at $0.0000281. A break and close above $0.000029 will complete a bullish inverse head and shoulders pattern, paving the way for a rally to $0.000039 and eventually to the pattern target of $0.000047.
On the other hand, if the price of SHIB declines and breaks below $0.000023, it may indicate the return of the bears. Shiba Inu may drop to the 50-day SMA at $0.000020.
Frequently Asked Questions
What are the recent changes in Shiba Inu trading activity?
Whale activity decreased by 20.73% while overall trading volume increased by 92%, indicating significant activity from retail traders.
How has Shiba Inu price responded to recent market changes?
Shiba Inu price has increased by 13% in the past 24 hours to reach $0.00002759 thanks to increased interest from retail traders.
What are the possible next steps for Shiba Inu based on technical analysis?
If buyers manage to break above the current resistance levels, the price could see a rise to higher levels of $0.000047. However, if the price breaks below $0.000023, it could indicate a potential decline.
