July 11, 2024
Shiba Inu Whales Navigate Market Uncertainty
Altcoins News

Shiba Inu Whales Navigate Market Uncertainty

The sudden surge in whale transactions may indicate strategic purchases during market downturns, but it hasn’t resulted in significant price momentum for Shiba Inu. Notably, these substantial transactions totaled US$13.36 million, equivalent to 1.48 trillion SHIB, suggesting notable activity among influential players.

After a period of reduced activity, Shiba Inu whale transactions hit a seven-day low before experiencing a sharp increase. The overall transaction volume for SHIB also saw a remarkable uptick in the last 24 hours.

Currently priced at US$0.00000930, SHIB has slightly declined over the past day. With increased whale activity, the next price target for SHIB is set at US$0.00000984. In the face of potential price declines, SHIB might find strong support at US$0.0000085, a level that has previously prevented significant drops three times in January.

Analyzing Shiba Inu’s Price
Shiba Inu’s price is facing resistance around the 0.00000950 mark, encountering significant selling pressure. Struggling to overcome this hurdle indicates a challenging environment. On the support front, it aims to stay above 0.00000899; breaching this level may trigger further declines.

To embark on a bullish trajectory, SHIB relies on a broader cryptocurrency market upswing. Potential catalysts include increased SHIB adoption across various DeFi platforms and its use in lending or borrowing scenarios.

In essence, SHIB’s performance hinges on navigating resistance obstacles and capitalizing on favorable market dynamics. The delicate balance between support and resistance levels underscores its trajectory, dependent on broader market trends and its evolving role within the DeFi landscape.

Noteworthy Moves by Shiba Inu Whales
On January 30, attempts by bulls to push Shiba Inu (SHIB) above the US$0.0000093 level fell short, contributing to the recent lackluster price action. Surprisingly, a surge in whale activity followed, with IntoTheBlock data revealing a daily large transaction volume of US$13.36 million, equivalent to 1.48 trillion SHIB. The market also witnessed an increase in network transaction volume, reaching 2.31 trillion SHIB in the last 24 hours.

As of the latest update, SHIB is down 0.53% in the past 24 hours, trading at US$0.00000904. Despite reaching US$0.00000925 on January 29, sustaining the upward momentum has proven challenging for bulls. Potential targets include the US$0.00000984 resistance level if a rally is reignited, while robust support near US$0.000009 has thwarted steeper declines three times in January. This surge in whale activity suggests strategic maneuvers during market uncertainty, emphasizing investors’ ongoing vigilance amid the global crypto market cap’s marginal 0.14% decrease to US$1.63 trillion over the last day.

Image by catalyststuff on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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