- Shiba Inu’s(SHIB) market cycle is likely to reset with upcoming trading patterns.
- On-chain data reveals significant insights into SHIB’s current state.
Shiba Inu (SHIB) appears poised to undergo another market reset, characterized by distinct weekly trading volume patterns. According to a recent analysis, the meme coin typically experiences a surge in trading volume at the start of each week, which gradually declines over subsequent days. This cyclic behavior suggests a resetting phase in the asset’s trading dynamics.
Currently, SHIB is trading at $0.00002446, maintaining levels above the 50-day Exponential Moving Average, indicating a bullish sentiment among investors.
On-chain Insights
Recent on-chain data provides a comprehensive view of SHIB’s market performance:
- Profit Distribution: Approximately 60% of SHIB holders are currently in profit, with another 4% at the breakeven point, and 35% in loss positions.
- Concentration by Large Holders: A significant 73% of all SHIB tokens are held by large whale accounts, highlighting their potential influence over price movements.
- Large Transactions: Over the past week, transactions exceeding $100,000 have totaled more than $635.45 million, underscoring heavy involvement from institutional investors and major players.
Market Sentiment and Technical Analysis
The overall sentiment surrounding Shiba Inu remains notably positive, supported by on-chain and exchange indicators:
- On-chain Signals: The network has shown a positive growth rate of 0.32%, suggesting an influx of new participants. Additionally, a 3.95% bullish signal from large transactions indicates continued interest from significant players.
- Technical Outlook: SHIB’s current trading above the 50-day EMA indicates a favorable outlook for bulls in the short term.
Future Outlook
Looking ahead, market analysts anticipate that SHIB’s price action will likely continue to be influenced by the trading patterns observed at the beginning of each week. The current reset phase, combined with strong on-chain fundamentals, may provide a solid foundation for further price movements in the near future.
Conclusion
In conclusion, Shiba Inu (SHIB) appears to be entering a new phase in its market cycle, marked by predictable weekly trading patterns and strong on-chain metrics. With a majority of holders in profit and significant involvement from large investors, the meme coin continues to attract attention in the cryptocurrency community. Investors are advised to stay updated with the latest developments and conduct thorough research before making any investment decisions
