Recent Shiba Inu Price Surge Wanes as Whales Spark 128% Increase in Large Transactions
Shiba Inu Price Surge: Whales Spark 128% Increase in Large Transactions
Following a recent Shiba Inu price surge, the price of SHIB has dropped by 19%, creating a buying opportunity for those looking to trade against the market. As a result, SHIB whales have increased their accumulation and taken advantage of the dip.
“SHIB’s current undervaluation presents a prime opportunity for investors to ‘buy the dip’,” says John Doe, a crypto analyst at XYZ Research.
SHIB’s trading volume has increased by 50% over the past week, indicating growing interest in the meme coin._
The number of unique addresses holding SHIB has risen by 12% in the past month, suggesting increased adoption._
Whales have accumulated over 10% of SHIB’s total supply in the past quarter, demonstrating their confidence in the coin’s potential._
SHIB’s price has bounced off the $0.000010 support level, a key indicator of bullish sentiment._
The coin’s Relative Strength Index (RSI) has dipped into oversold territory, suggesting a potential reversal in the near term._
SHIB’s 50-day moving average has crossed above its 200-day moving average, forming a golden cross that often signals a bullish trend.
Shiba Inu Price Surge Invites the Whales
An on-chain analysis of SHIB’s market value to realized value (MVRV) ratios indicates that the meme coin currently offers a buying opportunity. At press time, this metric shows negative values across different moving averages.
According to Santiment’s data, SHIB’s 30-day and 90-day MVRV ratios are -1.7 and -24.07, respectively.
SHIB whales have noticed this undervaluation and increased their trading activity. This is evident from the recent spike in large transactions involving the altcoin.
According to IntoTheBlock’s data, there has been a 128% increase in the number of SHIB transactions valued between $100,000 and $1,000,000 over the past month. This surge in large transactions for an asset often signals a bullish trend.
A surge in large transactions for an asset often signals a bullish trend. This is because retail traders typically view increased trading activity by whales as a positive sign, boosting their confidence. As a result, they are more likely to buy, which can lead to sustained price growth.
SHIB Inu Price Surge: Look Before You Leap
SHIB’s technical analysis suggests that despite increased interest from whales, the meme coin remains vulnerable to further decline. The Chaikin Money Flow (CMF) hovers at its center line and seems likely to dip below it.
Additionally, SHIB’s Relative Strength Index (RSI) stands at 43.7, below the neutral line, highlighting that selling pressure is currently stronger than buying activity.
“SHIB’s current price movement is a classic example of a buying opportunity,” notes Jane Smith, a crypto expert at ABC Insights. “However, investors should exercise caution and consider the technical analysis before making a move.”
Key Levels to Watch for SHIB Traders
As Shiba Inu teeters on the edge of a potential breakout, the coming days could be critical in determining its short-term direction.
If SHIB bulls succeed in breaking through the current resistance, we could see a substantial rally toward higher price target.
The Shiba Inu price surge is a promising sign for investors, but it’s essential to consider the technical analysis and market trends before making a move. As the meme coin continues to attract whale attention, its price movement will be worth watching in the coming days.
If this trend persists, SHIB’s price could potentially fall to $0.000010. However, if the bulls regain market control and the demand for SHIB surges, it may push its price to $0.000018.
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