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Shiba Inu Faces Bearish Sentiment Despite Whale Moves
The Shiba Inu (SHIB) cryptocurrency has seen a surge in large transactions, with whales moving substantial amounts of the token. However, despite this increased whale activity, SHIB’s price has declined by 4.32% over the past 24 hours.
According to data from IntoTheBlock, there has been a significant increase in large transactions exceeding $100,000, typically indicating market interest from institutional investors or whales. In the last 24 hours alone, this type of transaction increased by a staggering 258%, with approximately 6.42 trillion SHIB changing hands.
Despite these bullish signs, SHIB’s price remains under pressure at $0.0000256, suggesting that bearish sentiment may be dominating the market. This downward pressure is further reinforced by technical indicators on TradingView, which suggest a strong correlation between net inflows and outflows with SHIB’s price movements.
The MACD indicator has fallen below the signal line, indicating a bearish market sentiment. The RSI has also moved to 33.24, a level that typically signals overselling, suggesting that further downward pressure is likely in the short term.
These bearish indicators are concerning, especially given the recent surge in whale activity. Historically, periods of negative net inflow have been accompanied by sharp price declines, as seen in mid-November and early December. Similarly, large outflows from SHIB have led to significant losses for investors.
Furthermore, the correlation between SHIB’s price movements and net inflows/outflows suggests that the recent surge in whale activity may not be enough to drive a reversal in sentiment.
Source: www.crypto-news.net
