Recently, the price of the cryptocurrency Shiba Inu (SHIB) has shown significant decline. Market conditions and reduced investor activity are the main factors affecting this movement.
General Market Condition of Shiba Inu
The price of Shiba Inu fell by over 3% on Sunday, a consequence of fatigue after a rise seen on Friday following Jerome Powell's statement at the Jackson Hole Summit. This dynamic mirrored the movements observed in other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Investor and Whale Activity
Data from Nansen shows that the number of tokens held by savvy investors has dropped from 48.6 billion in July to 40.42 billion today. Whale holdings have also decreased to 45 billion SHIB, down from last month's high of 47.6 billion. This indicates investor concern regarding the future of SHIB after its 60% crash from November highs.
Technical Analysis of Shiba Inu Price
Technical analysis indicates that SHIB price has been moving sideways in recent days, consolidating around the 50-day and 100-day exponential moving averages. A symmetrical triangle formation suggests potential sharp movements in price, either upward or downward. A bullish breakout could see it rise to the key resistance level at $0.00001600, while a drop could push it to $0.00001015.
In conclusion, the current state of the Shiba Inu market and the decrease in activity among major players cannot be overlooked. The future of SHIB hinges on both technical factors and investor sentiment.
