Even with the recent introduction of Shibarium and its impressive short-term performance, SHIB price has not reflected these milestones on the chart. Shiba Inu is still struggling to break through key resistance levels, leading to a negative shift in chain metrics. Furthermore, the lack of interest from large investors, or ‘whales’, in accumulating more SHIB has resulted in low price volatility, boosting the confidence of those with short positions.
On-chain stats Flash sell signal for SHIB
Based on data from IntoTheBlock, Shiba Inu have experienced a significant seven-day shift, recording a negative net flow of 756% during this period.
The Large Holders Netflow metric shows fluctuations in the holdings of large investors, those who own more than 0.1% of the total supply. Essentially, spikes in net flows indicate that these big players are accumulating, while declines indicate reduced holdings or active selling.
The above data is supported by the trend in large SHIB transactions. The figures indicate a steady decline in these types of trades over the past week, from a peak of 52 to 17. This suggests that large investors, or whales, are reluctant to hold or transfer SHIB, especially given the bearish sentiment that is almost crucial. resistance levels. This hesitation has helped reduce price volatility, which now stands at 36.2%.
On the positive side, the daily number of active addresses for SHIB is increasing. According to the data, the number of daily active Shiba Inu addresses has increased from 2,840 to 3,160 over the past three days. This uptick signals increased network activity, even in the face of rising selling sentiment and reduced volatility. Such an active network could set the stage for a shift towards buying sentiment in the coming days.
What’s next for the SHIB Prize?
In recent days, Shiba Inu has been trading within a narrow range, caught between the 20-day EMA of $0.0000073 and the channel’s downside. Bears are strongly defending a rise above the EMA100 as SHIB struggles for a clear move. At the time of writing, SHIB price is trading at $0.0000073, down more than 1.8%.
Normally, a period of low volatility like this is a sign of significant price movements down the road. If SHIB price breaks out and remains above the pattern line, it would indicate that the bulls are regaining control. This could potentially trigger a rally towards the $0.0000085 mark. However, to initiate a more substantial uptrend toward $0.00001, buyers will need to overcome the immediate hurdle.
Conversely, if the price reverses direction and falls below the $0.0000069 support level, the bullish outlook will be negated. Such a move could drag the price towards the next support level at $0.0000064, a level that bulls are likely to defend aggressively.
