SHIB could be headed for a bearish retracement and evidence suggests…
Both the TD sequential pattern and price-RSI divergence suggest that SHIB could be on the verge of a bearish pivot. But can on-chain data confirm the same observations? That warrants an investigation of Shiba Inu metrics. Let’s start with the whale activity.
will likely be characterized by a surge in sell pressure from whales. SHIB’s supply distribution metric reveals sell pressure from addresses holding between addresses holding 1 million and 100 million coins .The outflows from the aforementioned addresses have been taking place in the last four days. While this confirmed that some whales have started taking profit, it was surely worth noting that those addresses represent less than 4% of SHIB’s total circulating supply.
Nevertheless, SHIB’s transaction count registered a steady uptick in the last four days. We also observed a slight surge in volume within the same period.A surge in activity could be a manifestation of selling pressure especially now that there are multiple signs indicating bullish weakness. In other words, these findings might be signing off
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