- SHIB whales activities have surged with 3.8T tokens transfers.
- Despite rising whale inflows, market sentiment remained bearish.
In recent months, cryptocurrencies have experienced extreme volatility. Bitcoin [BTC] has experienced fluctuations that have affected most altcoins.
With the crypto market fluctuating, Shiba Inu [SHIB] is no exception. However, the last 24 hours have witnessed increased whale activities, leaving analysts predicting a possible trend reversal.
Shiba Inu sees increased whale activity
Source: CryptoQuant
After experiencing low activity, Shiba Inu’s interest in and strength in whale activities are again regaining market share. Over the last 24 hrs, SHIB has recorded 3.8T total token transfers, according to CryptoQuant.
These transfers showed growing confidence among major SHIB holders.
The market trends over the last seven days showed that investors had immense faith in the meme coin. So, large holders’ inflow may drive prices up through buying pressure.
Souce: IntoTheBlock
Data from IntoTheBlock showed that large holders’ transactions have increased from a low of 117.17B to a higher of 860B.
As of this writing, the large holders’ transaction inflow was at 849.67B, further showing investors’ confidence in the future direction of crypto.
Impact on SHIB price charts
As of this writing, SHIB is trading at $0.00001554 after a 7.48% decline on weekly charts. The decline followed a sustained decline over the past months, with a 6.59% drop on monthly charts.
Over the past 24 hrs, SHIB has declined by 2.25%. AMBCrypto’s analysis further showed that the large holder’s inflow has not affected prices positively.
Thus, SHIB continued to experience a strong bearish market sentiment, further causing declining prices.
The Directional Movement Index (DMI) showed a strong downtrend. At press time, the positive index at 14.25 is below the negative index of 23.0734, which suggested a strong downtrend.
Source: TradingView
Also, the RVGI was below zero at -0.2164, sitting below the signal line. This showed that the closing prices were, on average, lower than the opening prices, indicating a prevailing bearish market sentiment.
Source: TradingView
AMBCrypto’s analysis showed that SHIB has a negative Chaikin Money Flow (CMF) at 0.06, suggesting higher selling pressure. Thus, the meme coin was closing at a low half of its range, showing a bearish market sentiment.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Finally, the MACD was below zero at -0.00000051 below the histogram, which was also negative. This showed that short-term EMA is below long-term EMA — a bearish sign.
Therefore, if the current market sentiment persists, SHIB will decline to the critical support level at $0.00001483.
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