ETH whales rescue SHIB from the grasp of the bears. Shiba Inu might be headed for another limbo if the market does not make a clear move. Shiba Inu has reportedly regained the top spot as the most traded token by the top ETH whales. We have seen SHIB secure the same spot multiple times […]
Perhaps a price analysis will provide a better understanding of what is currently going on with SHIB. Its bears managed to pull off a retracement by as much as 15% from its current monthly high to its press-time 24-hour low. Rather than more downside, we have seen someThis bullish relief coincides with the whale activity observed by WhaleStats. It suggests that ETH whales have been contributing to buying pressure. In other words, those whales may have prevented further downward momentum.
The same metric does not indicate any recovery or re-accumulation yet, hence there might not be enough liquidity to support a strong bullish comeback. Things do not look exciting on the retail side either. Daily active addresses are within the normal range, hence no sudden changes are likely to influence demand.SHIB’s mean coin age indicates that there have been zones of accumulation that have shielded against more losses. However, it is now in another cycle of downside or at least it has been for the last two days, confirming that there is some profit-taking.
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