Lately, cryptocurrencies have been very unstable, with Bitcoin (BTC) going up and down, which has also affected other coins. Shiba Inu (SHIB) is no different and has been fluctuating too.
But in the last 24 hours, big investors, known as whales, have been very active with SHIB. This activity has led some experts to think that the trend might change soon.
Shiba Inu’s Growing Whale Activity Signals Market Confidence
After a period of low activity, Shiba Inu’s interest and strength in whale activities are making a comeback. In the last 24 hours, SHIB has seen a total of 3.8 trillion tokens transferred. This increase in transfers shows growing confidence among major SHIB holders.
Market trends over the past week indicate that investors have strong faith in the meme coin. The inflow of large holders could drive prices up through increased buying pressure.
Data from IntoTheBlock revealed that large holders’ transactions have surged from a low of 117.17 billion to a high of 860 billion.
Souce: IntoTheBlock
At the time of writing, the inflow of transactions from large holders was at 849.67 billion, further demonstrating investors’ confidence in the future of Shiba Inu and the broader crypto market.
Shiba Inu Faces Bearish Market Sentiment and Decline
As of now, SHIB is trading at $0.00001554, showing a 7.48% decline on weekly charts. This decline follows a consistent drop over the past months, with a 6.59% decrease on monthly charts.
In the past 24 hours, SHIB has dropped by 2.25%, indicating that the inflow from large holders has not positively impacted prices. SHIB continues to face strong bearish market sentiment, causing further price declines.
The Directional Movement Index (DMI) shows a strong downtrend. Currently, the positive index is at 14.25, below the negative index of 23.0734, suggesting a strong downtrend.
Source: TradingView
Additionally, the Relative Vigor Index (RVGI) is below zero at -0.2164 and sits below the signal line, indicating that closing prices are, on average, lower than opening prices, reflecting a prevailing bearish market sentiment.
Source: TradingView
SHIB’s Chaikin Money Flow (CMF) is negative at 0.06, suggesting higher selling pressure. This indicates that the meme coin is closing in the lower half of its range, showing a bearish market sentiment.
Finally, the MACD is below zero at -0.00000051, below the histogram, which is also negative. This shows that the short-term EMA is below the long-term EMA, a bearish sign. If the current market sentiment persists, SHIB is likely to decline to the critical support level at $0.00001483.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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