This pattern suggests recent market sell-offs were propelled by these whales harvesting their holdings. Notably, the number of large transactions for Shiba Inu is diminishing, while the price either trends upward or enters a consolidation phase.
Following a period of heightened activity often linked to significant holders, or “whales,” actively trading, there appears to be a notable decrease in volume. During these sell-offs, the price sharply declined but has since recovered, showing signs of an upward trend or stability at current levels.
A bullish candlestick formation on the chart indicates a potential reversal from the previous downtrend. Moving Average (MA) lines – the 50-day (orange), 100-day (blue), and 200-day (black) – are trending upward, traditionally interpreted as a bullish sign. The 50-day MA stands above the 100-day and 200-day MAs, reinforcing the upward trend.
Another technical indicator, the Relative Strength Index (RSI), measuring recent price changes to assess overbought or oversold conditions, hovers around the 50-60 range. It’s not in the overbought or oversold zone at present.
Price consolidation post-surge often indicates the market’s agreement on a new value for the currency after whales take profits. This critical phase may see the token gearing up for another surge or facing resistance, potentially prompting a reversal.
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