The situation has changed since then, after the rally in late October. Nevertheless, the start of the month is bearish, but will we see prices return to the lower range or the bulls dominate?
Perhaps the latest activity can shed some light on the possible net result for SHIB. For example, we have seen selling pressure return over the past three days, which is normal. Selling pressure is expected after a 40%+ rally.
SHIB’s $0.00001218 price at press time already represented a 19% retracement from its October high. However, its performance over the past 24 hours has shown a return of bullish demand.
The price represented a gain of 3.57% over the past 24 hours. Interestingly, this rise was supported by a sharp increase in the number of trades in the whale over the last 24 hours.
The rise suggested that the whale activity observed was incoming buying pressure. There were about four whale trades on November 2, which overall may not be a very bullish sign.
On the other hand, whales often have a larger impact on price. A market cap analysis shows that SHIB’s market cap has risen by more than $110 million in the last two days.
Such increases in market capitalization have historically resulted in greater liquidity. No one knows if that will be the case this weekend.
Can SHIB get enough bullish volume?
Notably, limited retail participation has been observed. For example, daily active addresses rose slightly on Wednesday (Nov. 2), but have since fallen back to near their weekly lows.
The current level of daily active addresses indicates the absence of sufficiently strong demand to support a larger increase. In addition, the SHIB supply held by the major off-exchange addresses barely registered the latest whale activity.
However, the supply of SHIBs held by major exchange addresses has shown a notable increase over the past seven days. While this may indicate accumulation, it also suggests that the accumulation may be short-term as holders are not moving their holdings into portfolios.
The recent whale accumulation may have ended the previous selling pressure that began in early November. However, the lack of retail volume tracking suggests that we may not see another major move until the weekend.
Regardless, the market could still change, especially on November 4, but it remains to be seen which way the coin will land.