Why are Whales Moving Shiba Inu (SHIB) and Buying More Bitcoin (BTC)? An On-Chain Analysis
Massive shifts in the crypto sphere spark intense curiosity, as significant players move large amounts of Shiba Inu (SHIB). Meanwhile, Bitcoin whales are on a buying spree, accumulating more BTC. This article delves into the reasons behind these massive moves and explores which other cryptocurrencies could be their next target.
Bitcoin Shows Steady Gains with Bullish Potential Ahead
Bitcoin delivered moderate gains in the past month with a nearly 5% increase, while a 6.4% rise over the last six months indicates a consistent upward trend. A modest 3% boost during the past week validates this gradual recovery. Price movements have largely remained within a stable range, reflecting cautious optimism among traders during both short- and medium-term cycles. Market sentiment suggests measured accumulation rather than explosive growth, allowing traders to benefit from a predictable rally. This period of steady performance has built a foundation of resilience amid fluctuating market conditions, hinting at the potential for further strength.
Current market activity centers around a price range of approximately $94,832 to $113,326.8, with the nearest resistance at $121,869.42 and support at $84,880.08. A second resistance appears near $140,364.09, while a lower support stabilizes around $66,385.41. Indicators show that bulls currently hold moderate control despite occasional bearish pushback. Trading within these levels encourages watching for breaks above the $121,869.42 barrier to signal a stronger rally; however, a drop below $84,880.08 could trigger selling pressure. Traders might consider strategic entries within this window, monitoring volume and momentum closely as price tests these key levels.
Shiba Inu Price Action and Trading Insights
Shiba Inu dropped 18.53% over the past month and 55.01% in the last six months. A modest weekly increase of 0.23% highlights intermittent efforts to regain lost ground. Price fluctuations within a narrow band from $0.0000108 to $0.0000162 reveal a volatile market that has struggled to build upward momentum. The steep decline over these periods emphasizes weakness in the coin’s long-term performance and a significant departure from earlier highs.
The current price action centers around pivotal technical levels critical for near-term trades. The nearest resistance at $0.0000196 presents a barrier that, if breached, could indicate a shift in sentiment, while the support at $0.00000885 offers a floor where buyers may step in. Momentum indicators show bears currently dominate, leaving no clear trend. Traders may consider short-term positions by watching for reversals near these levels, as quick decisions may uncover emerging opportunities or deeper bearish control.
Conclusion
Crypto whales are making strategic moves, evidenced by large transfers of Shiba Inu. Simultaneously, Bitcoin whales are increasing their holdings, signaling strong confidence in its long-term value. Examining this whale behavior reveals significant ongoing interest and trust in both BTC and SHIB.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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