On March 20, a significant outflow of 5.54 trillion SHIB was observed, marking the highest amount in over a month. This could indicate strategic repositioning by large market participants.
Current Market Situation
SHIB has modestly recovered from a local support range near $0.0000122, trading around $0.0000131 at the time of writing. However, the 50-day and 100-day moving averages continue to trend downward, indicating a bearish market bias. A potential short-term reversal might be triggered by a break above the descending trendline and the recovery of the $0.0000142 level.
On-Chain Dynamics Analysis
On-chain dynamics reveal a sharp 49.55% increase over the past seven days, mainly due to the March 20 spike, although the 30-day outflows decreased by 68.33%. This sudden withdrawal might suggest accumulation by large wallets or deliberate repositioning to cold storage.
Impact of Major Holders’ Actions
The lack of an immediate price spike following the token outflow suggests they may not have been sold on exchanges, leaving the chance for a long-term positioning change by major holders. Such actions could potentially herald a reversal, especially if the resistance is broken with volume confirmation.
Though SHIB's price structure remains fragile, whale activity and the support at $0.0000122 imply a potential approach to a crucial pivot zone. Monitor further significant wallet movements for assessing the subsequent market trajectory changes.
