On November 25, 2024, Shiba Inu (SHIB), the second-largest meme coin, has seen a significant increase in holdings among whales and institutions. According to data from IntoTheBlock, these entities have increased their SHIB holdings by 425% over the past 30 days, indicating strong institutional interest amid a consolidation phase for the cryptocurrency.
- Shiba Inu struggles since November 12 breakout.
- Whales increased SHIB holdings by 425%.
- SHIB consolidating near $0.000029 resistance.
- Potential 50% price increase if breakout occurs.
- Mixed sentiment reflected in on-chain metrics.
- SHIB trading volume dropped 17% recently.
Shiba Inu has been consolidating near a key resistance level of $0.000029, which traders often view as a potential buying opportunity. Technical analysis suggests that if SHIB can break above $0.0000295, it could see a price increase of up to 50%, potentially reaching $0.000044. Currently, SHIB is trading above the 200 Exponential Moving Average (EMA), indicating an overall uptrend.
However, despite the bullish technical indicators, on-chain metrics present a mixed sentiment among traders. The open interest for SHIB has decreased by 10.25% in the last 24 hours, suggesting that many traders are liquidating their positions during this consolidation phase. Major liquidation levels are noted at $0.00002546 for long positions, totaling $1.8 million, and $0.00002861 for short positions, amounting to $3.6 million.
As of now, SHIB is trading at approximately $0.000026, reflecting a decline of 5.20% over the past day, with trading volume also down by 17%. This decline in trading activity indicates reduced participation from traders compared to previous days, which may contribute to the current market uncertainty surrounding SHIB.
In summary, while Shiba Inu is witnessing substantial accumulation by large holders, the current market dynamics show mixed signals. Traders appear to be cautious, awaiting a breakout from the ongoing consolidation, which could determine SHIB’s next price movement.
