Shiba Inu (SHIB) Whales Moved 1.2 Trillion Tokens in 24 Hours as the Cryptocurrency Faced Increased Selling Pressure and a Significant Market Downturn
- WBOYOriginal
- 2024-08-05 09:55:36573browse
SHIB Token Volume Exceeds 1.2 Trillion in 24 Hours Based on on-chain analytics and recent price swings, Shiba Inu has gone through a lot.
Shiba Inu (SHIB) whales moved a staggering 1.2 trillion tokens on Monday as the cryptocurrency faced increased selling pressure and a significant market downturn.
Despite the large volume of transactions, SHIB token prices continued to decline, highlighting the selling pressure the asset is facing.
The price of SHIB has been largely confined within a falling channel, as observed on a daily SHIB/USDT chart. This trend is evident as SHIB faces resistance at key levels.
The 200, 100, and 50 EMAs continue to exhibit selling pressure.
The bearish outlook is further highlighted by the price of SHIB trading below all three key moving averages. SHIB makes lower highs and lower lows, which is a technical indication of a downtrend.
The price is continuously pressured downwards, as any attempt to break out of this pattern is met with further declines.
Examining the on-chain data provides further insight into the current state of SHIB. The asset has seen a significant amount of activity in the past week, with trades amounting to $184 million.
However, several on-chain signals indicate a largely pessimistic sentiment.
According to the technical indicators and on-chain metrics for Shiba Inu, the outlook appears bearish. Despite the volume of trades, the asset's price is inevitably decreasing.
Charting reveals that the price of SHIB fell drastically below the lower boundary of the falling channel it entered a couple of weeks ago, rendering the channel invalid.
With the broader crypto market taking a significant downturn, it is unlikely that Shiba Inu will see a full recovery in the near future.
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