SHIB whale refuses trade


Shiba Inu (SHIB) price momentum waned this week after bulls failed to break through the $0.000009 resistance level. On-chain analysis reveals key data points that could determine SHIB’s price direction in the coming days.

SHIB price entered a consolidation phase this week as bullish momentum waned. Will the second-largest memecoin by market cap collapse and recover?

Hibb whale reject trade

As the Bitcoin market rally spread to the memecoin market in the last week of October, SHIB prices rose by double digits. However, on-chain data shows that whale trading activity has decreased since SHIB price rejected $0.000008 on October 24.

According to IntoTheBlock, Shiba Inu Whale hit a two-month high of 69 large transactions on October 24. But as of November 2, this number has gradually decreased to 39 whale transactions, a decrease of 44%.


SHIB Block Trade | source: Enter the neighborhood

Daily transaction data provides total daily transactions worth over $100,000. Typically, a sharp decline in whale trading is considered a bearish signal.

It shows that large institutional investors are becoming increasingly indifferent. Importantly, it also influences strategic retail traders to hold negative attitudes. If this argument holds true, SHIB will see lower market demand in the coming days.

SHIB sell orders exceed current market demand

The aggregate order book is another important on-chain chart currently indicating weak demand in the SHIB spot market. As shown in the chart below, SHIB traders have placed orders to sell 6.5 trillion tokens. What is worrying is that this number is higher than the 6 trillion SHIB subscription orders currently listed on 10 exchanges.


SHIB Integrated Trading Floor Order Book | Source: Enter the neighborhood

An exchange’s aggregate order book shows a snapshot of the total number of active market orders for an asset. Logically, when demand is low, many sellers may have to lower their prices to compete.

Therefore, reduced whale trading activity and weak market demand may drive SHIB prices lower in the coming days.

SHIB Price Prediction: Greduced to 0.000005 Dollar?

Based on current on-chain statistics, the price of Shiba Inu may drop further to $0.000006 in the coming days.

The global inflow/outflow chart depicting the current distribution of SHIB holder input prices also supports this bearish argument. Shiba Inu’s loss of key support at $0.00007 could trigger larger losses.

As shown in the chart below, 52,920 addresses purchased 19.37 trillion SHIB at a maximum price of $0.000007. Considering this is the biggest support group below current price, they could be crazy to hold on to it.

But if whale demand continues to decline, the price of the Shiba Inu will fall further to $0.000005.


Global Money In/Out (GIOM) | source: Enter the neighborhood

Furthermore, bulls may negate this bearish forecast if the Shiba Inu regains $0.00001. But now it seems far-fetched, as the average price of 153,700 addresses holding 68.5 trillion SHIB is $0.000008. If you take profits early, SHIB price may drop again.

But if this resistance is removed, the price may rise to $0.00001.

you can see the price coin here.

Join Bitcoin Magazine on Telegram:

Follow on Twitter:

Follow Douyin:


According to Beincrypto


Source link

Related Posts

NEAR and Polygon collaborate on zero-knowledge proof innovation

[ad_1] The NEAR Foundation has partnered with Polygon Labs to develop zkWASM, a cutting-edge zero-knowledge solution that enhances the interoperability and security of WASM chains. The NEAR…

Amazon, Olympus challenges OpenAI, Microsoft’s AI dominance

[ad_1] Amazon, Olympus challenges OpenAI, Microsoft’s AI dominance AmazonThe world’s largest online retail and technology provider, through its web services arm AWS (Amazon Web Services), recently revealed…

Financial giant Fidelity responds to 9 common misconceptions and criticisms about Bitcoin

[ad_1] Financial services giant Fidelity has addressed nine common criticisms and misconceptions about Bitcoin, highlighting that some of them are “unfounded or unlikely to be…

Third-quarter profits lower, revenue higher, according to

[ad_1] ©Reuters. Lyft reports: Third-quarter profits down, revenue up – Lyft (NASDAQ: ) on Wednesday reported third-quarter results that missed analysts’ expectations and revenue that beat…

CEHV partners say future uncertain during Genesis shutdown

[ad_1] Many analysts are speculating on the outcome of the spot Bitcoin ETF race, and CEHV partner Adam Cochran shared his views in a Nov. 8 X…

Second-quarter profits lower, revenue higher, according to

[ad_1] ©Reuters. Take-Two reports: Second-quarter profits fall, revenue rises – Take-Two (NASDAQ: ) on Wednesday reported second-quarter results that missed analysts’ expectations and revenue that beat…

Trả lời

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *