CandleFocus Shiba Inu (SHIB) out of Trillionaire Club for Today
2024-10-28
Author: Content Editor
Shiba Inu, a popular cryptocurrency, is no longer a member of the trillionaire club as whale-tier trading volumes have significantly decreased. This is concerning for the asset's price stability and future growth prospects. The decrease in whale activity has made the market dependent on individual traders, who lack the purchasing power of larger investors. The price chart indicates a dangerous proximity to support levels, with no strong bullish signals. If larger investors do not return, moving averages suggest a reversal or further decline, and low RSI levels indicate a lack of momentum. The drop in volume may further tip the balance towards bearishness. SHIB will likely need a rebound in high transaction volumes or a major catalyst to regain momentum and draw whale-tier investors back into the market. Until then, the asset may face downside risks and difficulties recovering.
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