Whale Activity and Market Performance of Shiba Inu in the Past 24 Hours
In the past 24 hours, the volume of SHIB transactions conducted by large whales barely reached the weekly average. This is understandable given Shiba Inu’s poor market performance during this period. Despite this, whale transaction volumes remain within the normal range.
Altcoins like SHIB have felt the strain due to the declining prices of Bitcoin and Ethereum. The weak performance of SHIB is attributed to several factors. Firstly, the sentiment in the cryptocurrency market turned negative following Ethereum’s price correction. Investors are shying away from riskier assets like Shiba Inu in favor of more reliable options, even outside the crypto industry. This shift is evident in trading patterns where, despite higher transaction volumes, SHIB’s price remains largely unchanged.
Furthermore, SHIB’s network metrics do not paint a positive picture either. The number of active addresses and newly created addresses has decreased. With fewer new investors entering the market and existing holders becoming less active, interest in SHIB appears to be waning.
From a technical perspective, SHIB’s bullish momentum is currently restrained, with the 50-day moving average providing support. Additionally, the 200-day moving average offers strong fundamental support that could stabilize prices in the near term.
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Volume analysis reveals increased trading activity, especially following recent price drops. This heightened activity could put additional downward pressure on SHIB’s price, indicating higher selling activity. The Relative Strength Index (RSI) remains neutral but is trending towards an oversold condition, hovering around the 49 mark.
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