Shiba

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The <a href="https://u.today/shiba-inu-shib-token-burn-soars-by-over-400-as-shib-eyes-further-gains" rel="noopener noreferrer nofollow">Shiba Inu</a> (SHIB) token appears to be experiencing a turnaround. <a href="https://app.intotheblock.com/" rel="noopener noreferrer nofollow">On-chain data</a> indicates a significant shift in the behavior of cryptocurrency whales, the market's big players. Notably, the large transaction count for Shiba Inu is tapering off, while the price is either ascending or entering a consolidation phase. This pattern suggests that the recent market sell-off was driven by these whales cashing in on their investments.
A closer look at the <a href="https://u.today/shiba-inu-shib-launches-domain-name-system-with-d3-viction-follows" rel="noopener noreferrer nofollow">Shiba Inu</a> chart reveals a telling story. After a period of heightened activity, which is often associated with large holders, or "whales," actively buying or selling, there is a visible decrease in volume. This decrease in volume corresponds with the stabilization of the price, hinting at reduced sell pressure. During the sell-off, the price dipped sharply, but it has since recovered and is showing signs of an uptrend or stabilization at current levels. <img alt="https://www.tradingview.com/" data-entity-type="file" data-entity-uuid="74508d3c-6ceb-45f1-b442-9b1d73756467" src="https://u.today/sites/default/files/inline-images/image_332.png">SHIB/USDT Chart by TradingView 
The chart presents a bullish candlestick formation, indicating a possible reversal of the previous downtrend. The Moving Average (MA) lines – the 50-day (orange), 100-day (blue) and 200-day (black) – are trending upward, which is traditionally interpreted as a bullish signal. The 50-day MA is positioned above the 100-day and 200-day MAs, reinforcing the bullish sentiment.
Another technical indicator, the Relative Strength Index (RSI), which measures the magnitude of recent price changes to evaluate overbought or oversold conditions, is hovering around the 50-60 range. This level is typically seen as a neutral zone, suggesting that <a href="https://u.today/shiba-inu-shib-token-burn-soars-by-over-400-as-shib-eyes-further-gains" rel="noopener noreferrer nofollow">SHIB</a> is neither overbought nor oversold at the moment.
The price consolidation after a surge often indicates that the market is agreeing on a new value for the token, following whales' profit-taking. It is a crucial phase where the token can either prepare for another leg up or face resistance and possibly a retracement.

Shiba Inu (SHIB) Saved: Killer Whales Are Backing Down

U_Today

Ďalšie články zverejnené 21. 12. 2023

Top 10 Reasons Why Massive Crypto Bull Run is Imminent in 2024

Bitcoin Gains Legitimacy in Argentina for Contracts and Payments

SokoWinter Brings Chilly Puzzles to Xbox: A Slippery Twist on Sokoban Fun

SBF’s request for a longer sentencing period denied

ZKFair Announces Airdrop Event

US Third-Quarter GDP Trimmed to 4.9%, Jobless Claims Lower than Expected

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!