Despite witnessing a significant downturn in prices over the last 24 hours, Shiba Inu (SHIB) remains upbeat and shows signs of a potential uptrend.
The cryptocurrency market is currently under immense selling pressure following a recent crash that impacted major digital assets like Bitcoin (BTC), Ethereum (ETH), and others.
Massive Transfer of 8.18 trillion SHIB by Whales
On January 3, 2024, SHIB broke out of a bullish double-bottom pattern and entered a consolidation phase that lasted around three days.
During this consolidation, a sizable volume of 8.18 trillion SHIB coins valued at $195.1 million was moved from CryptoCom exchanges to a wallet by a potential whale.
This transfer coincided with a period of overall market stability and upward momentum.
Subsequently, with the release of a bearish report by the Institute for Supply Management during the U.S. market opening, SHIB broke down from its consolidation phase and registered a price drop of more than 14.5%.
Recent Behavior of Whales in the Market
As the market witnessed a decline following the crash, retail investors seemed to be offloading their holdings while long-term holders appeared to be accumulating more SHIB.
Data provided by IntoTheBlock indicated a substantial 2004% surge in large transaction volumes over the past 24 hours, suggesting active participation from whales, investors, and long-term holders.
Another analytics firm, Coinglass, reported an outflow of $7.04 million worth of SHIB coins from exchanges during this period.
This data points towards a possible accumulation phase for the meme-inspired cryptocurrency, attracting interest from investors and long-term holders, particularly as the price faced a decline of over 10%.
Positive Sentiment from Traders on SHIB
Besides whales and long-term holders, traders are also displaying optimism towards SHIB. Coinglass’s SHIB Long/Short Ratio stands at 2.04, the highest since the commencement of 2025, indicating a bullish sentiment among traders.
As of now, 67.16% of top traders are holding long positions, reflecting a notably bullish perspective compared to the 32.84% with short positions.
Considering these on-chain metrics collectively, it appears that bulls are in control of the asset currently and could potentially trigger a price rebound for SHIB.
Technical Analysis and Key Levels for Shiba Inu
According to CryptoCrypto’s technical analysis, the recent price decline has brought SHIB to a crucial horizontal support level and the 200 Exponential Moving Average (EMA) on the daily chart.
This positioning suggests a positive outlook for SHIB, hinting at potential upward momentum.
Based on recent price moves, if SHIB manages to hold above the 200 EMA, there’s a strong likelihood of it surging by 80% to hit the $0.00003939 level in the future, albeit requiring patience.
As of the latest data update, SHIB was trading close to $0.0000217, witnessing a price drop of more than 10% within the last 24 hours.
However, the trading volume during the same period spiked by 80%, signaling increased participation from traders and investors compared to the previous day.