Shiba Inu’s Waning Trust and Decline in Whale Activity Reveal Bearish Trends
Technical indicators and whale activity suggest a bleak future for SHIB’s performance. In the past 24 hours, an estimated 880 billion SHIB tokens were moved, with whale-based movement being the primary driver. However, the actual decline in transactions is due to these whales cashing out.
Large transactions fell to 39 on the previous day compared to a seven-day high of 46 on August 9; according to on-chain data, there was no significant increase in such activity. This is indicating that investors are not under buying pressure and major investors have reduced interest.
The value of SHIB tokens involved in large transactions has significantly decreased. SHIB tokens involved in large transactions were worth 1.51 trillion SHOB on August 12, but their value has since decreased to 888.03 billion SHIB, which is $11.79 million, marking a 41% drop in confidence in the organization and an expected decline in its value.
Technical indicators are also suggesting that there will be fewer positive signals from investors as well. Trading below important moving averages, the coin is also experiencing a bearish “death cross” signal. The 50 Exponential Moving Average (EMA) crossing below the 200 EMA has been identified as indicating underlying technical indicators and may be indicative of further decline in price.
If there is no purchasing pressure and waning interest from major investors, its value appears to be poised to decline. However, this article does not mention the specifics of SHIB’s price, which suggests that it may face pressure in the near future. Investors’ cash outflow and the decline in whale activity may lead to a decline, which could result from declining interest and lack of buying pressure.
While it remains uncertain how SHIB will respond to this bearish trend, the coin’s waning trust and declining whale numbers are undoubtedly ominous signs for future performance. Given the ongoing decline in the coin’s value and technical indicators indicating a bearish trend, it’ll be wise for investors to reconsider their positions in SHIB.
For more insights and information on SHIB and the cryptocurrency market, check out this article on CoinSeeks.com, which provides valuable analysis and expert opinions.
It remains unclear whether SHIB will recover from this setback, but for now, the outlook appears negative.