As fresh data points to a sharp drop in whale activity, Shiba Inu is still having trouble on the market. Large-holder inflows have decreased by an astounding 85% in the last week, according to the most recent on-chain metrics, indicating a precipitous drop in investor confidence. This unanticipated decline in whale accumulation raises questions regarding SHIB's prospects for a quick recovery.
SHIB/USDT Chart by TradingView
Large holders' involvement has historically been one of the main factors influencing SHIB's price movements. But according to the most recent data, their accumulation has significantly slowed. The last 30 days saw a 32% decline in whale inflows, and the last 90 days saw an 80% decline. It appears that SHIB is losing traction as a speculative asset given the waning interest from both institutional and significant retail investors.
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However, large-holder withdrawals have continued to fluctuate, rising by 69% over the past 30 days. This disparity implies that there is not much buying pressure to offset the sell-off even though some investors are pulling out of their positions. SHIB might keep falling if whale demand does not increase. Technically, there is still pressure on SHIB's price action. Although the asset is presently trading close to a crucial support level, any significant recovery is still being constrained by its inability to overcome significant resistance levels.
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SHIB is being held below crucial breakout levels by the 26-day Exponential Moving Average, which is functioning as a potent resistance point. Given that the next major support zone is much lower, further downside could result if higher price levels are not regained. The Relative Strength Index (RSI) is still in a neutral range, but there is still a significant chance of another leg down if there is not any strong buying pressure.
A difficult road lies ahead for SHIB given the current circumstances. Weak technical indicators and the sharp decline in whale activity point to potential future difficulties for the meme coin.
A resurgence in large-holder interest and a distinct breakout above significant resistance levels would be necessary for SHIB to reverse its downward trend. As of right now, SHIB's outlook is still unclear, so caution is advised. The potential for ongoing price erosion is still a serious worry if whale activity does not increase quickly.
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