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With its price finding it difficult to hold onto recent highs, Shiba Inu has recently displayed indications of waning momentum. Notwithstanding the difficulties, on-chain data shows intriguing patterns that might portend a future rebound or additional drops. A staggering 14.84 trillion in transaction volumes were recorded by SHIB in the past 24 hours.
Even though this amount is noteworthy, it is less than the most recent seven-day high of 21-23 trillion SHIB recorded on Nov. 14, 2024. The data also shows a significant decline in whale activity, which was a major factor in Shiba Inu rallies in the past. This decline in significant transaction volumes raises the possibility that large holders are reducing their holdings, which could indicate market prudence.
Near the $0.000025 level, which served as resistance during the asset’s most recent ascent, the price chart clearly displays a struggle. Now that it has retraced, SHIB is attempting to test the $0.000024 support zone. This level may act as a launching pad for additional upward movement if it holds, but any break below it might trigger a more severe correction and perhaps a return to the $0.000021 support range.
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A minor cool-down from overbought territory is indicated by the relative strength index, or RSI, which suggests less buying pressure. The observed decline in trading volume is consistent with this, and it may also indicate a decline in interest from individual investors. SHIB may still be in the game, though, based on the on-chain activity. There is still potential for another breakout, given high transaction volumes and whale movements.
In order to bring in fresh interest from institutional and retail players, SHIB would have to recover the $0.000025 level and maintain a move above it. Although the situation now seems unclear, monitoring whale activity and important support levels will be essential to determining SHIB’s course of action. Although the rally might be rekindled by a spike in volume and interest, cautious optimism is necessary for the time being.
Source: https://u.today/almost-15-billion-shiba-inu-shib-in-24-hours-are-whales-ready