Shiba Inu (SHIB) token continues to tend to depreciate during 2024. Token has a decrease of approximately 12 %since the New Year’s Eve, and in the last month, 18.1 %of this loss said. In the last week, the price of Shıb has declined close to 6 %. It is currently stated that the token is traded in the $ 0.0000123 band.
Whale’s transactions put pressure on the price
It was the subject of discussion whether the addresses (called the whole) positions that contain large amounts of assets on the Shıb Tokeni have protected their positions. According to the data obtained, it is observed that these addresses, which have a significant amount, reduce the amount of SHIB in their hands. On July 21, these addresses were holding a total of 17.72 trillion shibs. However, by July 28, this amount declined to 17.63 trillion shib. During this decrease, a sudden decline in the price of SHIB experienced a decrease from $ 0.000014 to $ 0.000012.
In the continuation of the sales wave, it was found that the address of these addresses reduced the amount of shıs to 17.33 trillion pieces. It is stated that this amount corresponds to about 300 billion SHIB – ie 3.7 million dollars. If the sales tendency continues, there is a deeper risk of correction in Shıb price.
Strong Support and Resistance Levels: Heatmap Analysis
According to the Cost Basis Distribution Heatmap data prepared by Glassnode, Shıb has collected intensively in a key support zone. 19.99 trillion Shıb accumulated around $ 0,00001212 and this has a strong support zone. During the last decline, this level supports the price.
On the other hand, the accumulation of 11.83 billion shibs of around $ 0.00001269 is a short -term resistance point. According to the news, Shıb has recently been forced to go above this level.
If the large owners continue to sell, breakage of $ 0.00001211 support may initiate a new wave of sales. In the article, heatmap analysis points to a pressure at these price levels. Such analyzes can show which price ranges of the tokens are collected and where the strong support-revenue points are formed.
Price table and future possibilities
Daily Shiba Inu Price Graph is also evaluated in the nature of heatmap data. Shıb was traded at $ 0.00001237 and this price has greatly overlapped with the Heatmap support level. If this level of support is broken, it is estimated that the levels of 0.00001100 and $ 0.00001000 may be new bottom points, respectively.
On the other hand, the opinion that the downward pressure may be reduced if the level of $ 0.00001271 permanently broken upward is permanently broken. However, in order to realize this movement, it is reported that large investors will need to return to the market again and that there is no such sign for the time being.
Analysts suggest that Shıb can continue to fluctuate between significant support and resistance levels in the short term. In particular, the behavior of large investors in the market is shown as critical importance in terms of both current and possible price movements.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
