Shiba Inu's daily on-chain trading volume has significantly decreased, with the total amount of large transactions dropping from 6.3 trillion SHIB to 2.5 trillion SHIB. Whale activity has noticeably diminished, which could be a sign of waning support or interest from major investors, who have been driving SHIB's recent price increase.
A significant decline in trading volume is usually related to changes in the sentiment of major holders. When whales exit ongoing trades, they may transfer funds elsewhere or delay future investments. Given that these major investors often provide substantial support and liquidity to the market, a decrease in whale participation could pose problems for SHIB's current upward trajectory.
According to the price charts, SHIB recently encountered significant resistance around $0.000019. The key obstacle in the ascending triangle pattern formed at this price point has proven difficult to break through. Ascending triangles are typically bullish patterns, indicating that prices may eventually rise, provided that buying pressure is strong enough, but the recent decline in whale trading could threaten this.
From a technical standpoint, SHIB's moving averages suggest that there may be some support, with the short-term moving average (such as the 50 EMA) positioned above the long-term moving average, forming a strong configuration. However, considering the declining support rate from whales, SHIB may struggle to maintain this momentum. Although not particularly strong, the RSI currently hovers around 59, indicating that buying interest still exists. Currently, SHIB investors should closely monitor whether major holders will start participating again.
If whale participation fails to rebound, SHIB may face greater selling pressure, making it even more challenging to break through the resistance level of $0.000019. In contrast, if SHIB can maintain a support level around $0.00017 without whale support, it may indicate resilience among smaller investors and lead to a gradual (albeit slower) rise.
