Now that spring is finally here, it’s time to start transitioning your wardrobe from winter into the current season. That doesn’t necessarily mean put away all sweaters and coats, because as we know spring can be very fickle. But there are a few tricks to making those winter-looks more spring friendly.
Transitional Coats: Last week I talked about transitional coats, and these are the perfect items to add into your wardrobe right now. Lightweight, but will still keep you warm on a cool night. Spring Sweaters: Layer with a transitional coat, or wear on its own, some of your winter sweaters are easy to wear into spring. I lived in these cashmere sweaters from Everlane all winter, and I know I’ll be pairing them with skirts and shorts for spring. Pumps instead of Boots: I’ve traded in my boots for pumps. Keeping my feet warm isn’t a priority anymore, so it’s time to break out my favorite heels and pair back to effortless denim. These pumps have been worth the investment – I wear them the most during spring.
Leading meme coin Shiba Inu has shed almost 10% of its value over the past week. As of this writing, SHIB trades at $0.0000125.
This price decline coincides with a significant drop in whale holdings during the same period. This signals waning confidence among large investors amid broader market weakness.
SHIB’s Market Confidence Wanes as Whale Sell-Off Accelerates
According to IntoTheBlock, SHIB’s large holders ’netflow has fallen 123% in the past week. This comes amid the meme coin’s 8% price dip.
SHIB Large Holders Netflow. Source: IntoTheBlock
Large holders refer to whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow measures the inflow and outflow of tokens in their wallets to track whether they are accumulating (positive netflow) or offloading (negative netflow) their holdings.
When this metric falls, it indicates that whales are selling large portions of their assets, leading to increased supply and putting more downward pressure on price.
Moreover, this decline in SHIB whale netflow could worsen the weakening confidence among SHIB retail traders, prompting them to sell their coins in anticipation of further losses. This can accelerate SHIB’s price dip in the short term.
On the daily chart, SHIB’s falling Relative Strength Index supports this bearish outlook. At press time, this momentum indicator is a downward trend at 35.34.
An asset’s RSI measures an asset’s oversold and overbought conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values under 30 suggest that the asset is oversold and could witness a rebound.
At 35.05, SHIB’s RSI indicates that the asset is approaching oversold territory but has not fully entered it yet. This suggests weakening buying pressure and hints at the potential for further downside unless the meme coin demand picks up.
SHIB Holds Below Descending Trend Line
SHIB has remained below a descending trend line since December 8, keeping its price in decline. This pattern is formed when an asset’s price consistently makes lower highs over a period, connecting these peaks with a downward-sloping line. It is a bearish trend, indicating sustained selling pressure among SHIB market participants.
If this decline continues, SHIB risks falling to a seven-month low of $0.0000107.
XRP has been struggling to make any significant upward movement, with its price failing to breach a crucial resistance level. Despite attempts at recovery, the altcoin remains stuck, with no sustainable progress beyond the $2.56 barrier.
The drastic drop in circulation is worsening the situation, signaling a lack of investor activity and growing market concern.
XRP Loses Interest
The circulation of XRP has seen a sharp decline, with its velocity falling to a five-year low. This metric, which tracks the rate at which XRP is transacted, has not been this low since January 2020. A drop in circulation often reflects investor hesitation, as less movement indicates a lack of confidence in the market.
This low velocity is a negative sign for XRP, suggesting that holders are not actively moving their assets. It points to a sense of bearishness in the market, as investors are reluctant to trade or engage with the asset. The absence of significant transaction activity further indicates that XRP may struggle to break out of its current rut without a shift in sentiment.
XRP’s macro momentum is not showing signs of strength, with technical indicators reflecting the overall market sentiment. The Chaikin Money Flow (CMF) for XRP has dropped to a four-month low, remaining below the zero line and signaling bearishness. This suggests that investors are unwilling to invest more money in XRP due to the current market conditions.
The CMF being in the negative zone indicates that buying pressure is lacking and that holders are not injecting capital into the asset. This weak investor confidence could continue to hinder XRP’s potential for a rebound, making it more challenging to regain upward momentum in the near future.
XRP’s price is currently at $2.36, and it is unable to break through the critical $2.56 resistance level. This resistance has been a significant barrier for the altcoin in the past, and it continues to act as a strong point of contention. Until XRP can successfully breach this level, the altcoin is unlikely to sustain any meaningful rally.
Given the current market conditions and declining circulation, XRP is not expected to breach the $2.56 resistance anytime soon. Instead, it could face a drop toward $2.27 or potentially lower to $2.14. This could extend the consolidation phase, erasing some of the recent gains made by the altcoin.
The only way to invalidate this bearish outlook is for XRP to break through and flip the $2.56 resistance into support. If successful, XRP could rise towards $3.00, recovering some of the losses from earlier in the year. However, this would require a significant shift in investor sentiment and broader market conditions to support such a move.
