Shiba

bullish

Shiba Inu

Billion

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There may be trouble ahead for Shiba Inu that has been a noticeable decline in its large transaction volume. Whales' SHIB transaction volume has fallen below 500 billion <a href="https://app.intotheblock.com/coin/SHIB" rel="noopener noreferrer nofollow">SHIB</a> in the last day, according to on-chain data, and is now at 365.69 billion <a href="https://u.today/shiba-inu-shib-is-ready-for-bullish-august-shib-price-history-confirms" rel="noopener noreferrer nofollow">SHIB</a>.
Significant liquidity problems and even a price reversal could result from this decline in the near future. With only 15 transactions recorded, the number of large transactions has also decreased to its seven-day low according to an analysis of the on-chain metrics. Compared with the seven-day high of 75 transactions on July 22, 2024, it is a significant disparity. <img alt="SHIB On-Chain" data-entity-type="file" data-entity-uuid="05c615b9-77cb-4f9d-8425-34cef6b7644c" src="https://u.today/sites/default/files/inline-images/image_1043.png">Source: <a href="https://app.intotheblock.com/coin/SHIB" rel="noopener noreferrer nofollow">IntoTheBlock</a>
Whale activity has significantly decreased, which is bad news for the price and liquidity support since it is reflected in the decline in both transaction volume and the number of large transactions. A descending wedge pattern has been formed by <a href="https://u.today/new-shiba-inu-shib-rival-exploding-in-popularity-heres-what-makes-it-special" rel="noopener noreferrer nofollow">SHIB's</a> price action, according to the price charts provided.
If the price breaks above the upper trendline, this pattern frequently indicates the possibility of volatility and, in many cases, a bullish breakout. But the state of SHIB right now paints a conflicting picture. The price has been settling in and has had difficulty rising above the important moving averages, which serve as barriers.
SHIB's risky position is highlighted by the technical indicators. <a href="https://u.today/shib-and-doge-prediction-for-july-28" rel="noopener noreferrer nofollow">SHIB</a> must cross both the 50-day EMA and the 100-day EMA in order to indicate a bullish reversal. At the moment, the price is trading close to the lower bound of the falling wedge, indicating that should the bearish attitude hold, the downtrend may continue.

365 Billion Shiba Inu (SHIB) in 24 Hours: Catastrophic Results

U_Today

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