Shiba Inu’s journey has taken an unexpected turn as the price performance seems to have stalled just as optimism was building. SHIB is testing a critical support zone close to the 50-day and 100-day EMAs, as seen by the market chart at $0.00001457. The price has been stable in this area for the past few weeks, but if buyers do not come, it could drop. The sentiment of the SHIB market as a whole is unchanged.
The price is trading in a narrow range with no obvious breakout after months of sideways trading. A future rally’s base-building phase could be interpreted as this consolidation, but it could also be interpreted as an indication of a worn-out market lacking significant momentum. The moving averages’ close proximity to one another suggests that there is not any directional bias.
Another intriguing piece of the puzzle is revealed by the charts when viewed by volume. SHIB has experienced a roller coaster in terms of large transaction volumes. Throughout May there have been wildly fluctuating numbers of large transactions, or whale activity, according to data from IntoTheBlock. Large transaction peaks, especially around May 5 and 20, were accompanied by a few small price recoveries.
Nonetheless, the overall pattern since the middle of May indicates a consistent drop in the volume of large transactions, suggesting that major players are either leaving the market or strengthening their positions. With fewer whales taking part and a muted retail volume, SHIB’s future appears uncertain.
It could drift even lower, possibly below the $0.00001400 level unless big investors get back in or SHIB can push above the $0.00001500 zone. A push through the 100-day EMA, which is serving as a recalcitrant resistance level, and an increase in large transaction activity would be necessary for SHIB to regain market confidence. SHIB might have to accept that trillionaire dreams are currently unattainable without that.
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