SHIB trading volume only 1.9 trillion in the last 24 hours: What's going on?

In the last 24 hours, the cryptocurrency Shiba Inu (SHIB), which features a dog as its image, has seen a sharp decline in trading volume, suggesting that large holders may be taking action, raising curiosity about the reasons behind this.

According to data from IntoTheBlock, large transactions of SHIB, those over $100,000, have decreased by 76.21% in the last 24 hours, totaling only 1.9 trillion SHIB, worth approximately $54.1 million.

At the same time, the price of Shiba Inu has also dropped by 2.05%, now selling for $0.00002744 each. Data from CoinMarketCap also shows that trading volume has decreased by 9.05%, leaving only $854 million. With fewer large transactions, the market atmosphere seems to have turned cautious, and many may be cashing out.

Although the cryptocurrency market rebounded a bit on Wednesday, SHIB still couldn't escape the downturn. For the first two days of this week, the price of Shiba Inu continued to fall, hitting a low of $0.0000242 on Tuesday before slowly recovering.

The decline in SHIB's price and trading volume may indicate that it needs to take a break after a period of increase. Remember, on December 8, it surged to a high of $0.0000334.

Looking at SHIB's price trend, it rebounded to $0.000030 on December 12 but then stopped, as if short sellers were offloading.

The RSI indicator has now returned to a neutral position, indicating that supply and demand are balanced. Shiba Inu might oscillate between the 50-day moving average at $0.0000244 and the resistance line above at $0.00003344.

If buyers can push the price above $0.00003344, they will have the upper hand, and Shiba Inu could continue to rise to $0.000039, or even $0.000046. But if the SHIB price falls below the 50-day moving average, the shorts will be pleased.