Shiba Inu (SHIB) experiences a price drop, but whale accumulation signals potential bottoming.
Shiba Inu ( SHIB ) experienced a significant price decline, dropping 1.17% in the past 24 hours and currently trading at $0.0000212. This downturn coincided with a 25% decrease in trading volumes. Data from CryptoQuant reveals a notable trend: between January 13th and 14th, a staggering 194 billion SHIB tokens were withdrawn from centralized exchanges. These withdrawals appear to predominantly originate from large wallet addresses or significant SHIB holders.
Supporting this observation, IntoTheBlock data indicates a shift in large holder netflows, transitioning from a positive 382B SHIB to a negative -178B SHIB. Historically, whale movements of their tokens from exchanges signal an accumulation phase. These large holders often capitalize on price dips, acquiring more SHIB when prices are low and selling when they reach higher levels. Therefore, their current accumulation behavior at the present price point might suggest that SHIB has reached its bottom.While this accumulation trend provides a glimmer of hope, Shiba Inu's one-day chart paints a more bearish picture. The memecoin is currently operating within a descending triangle pattern, which typically indicates a strong downward trend. The Money Flow Index (MFI) stands at 55 and is moving southward, implying that the accumulation efforts of whales haven't yet neutralized the downward pressure from sellers. The BBTrend indicator also aligns with this bearish sentiment, displaying a red and negative signal, further confirming a negative market outlook. Despite the overall bearish trend, there is a slight uptick in Open Interest to $984 million. This increase signifies the emergence of new positions in the derivatives market. However, a majority of these positions appear to be initiated by short sellers, wagering that the price of the memecoin will continue to decline.
SHIB Shiba Inu Whale Accumulation Price Drop Descending Triangle
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