Key Insights:
- Shiba Inu’s price surged 4% in 24 hours, supported by whale activity and broader market gains.
- Whale transactions hit the highest levels since June, with over 400 transfers of 100,000 SHIB or more.
- SHIB is breaking through resistance levels, with potential for further gains toward $0.00001.
Shiba Inu (SHIB) has experienced a notable surge in price, marking a 4% increase in the past 24 hours and 7% over the past week. This comes after a strong bullish movement, with SHIB now trading above the $0.000008822 mark. The overall crypto market has also seen a positive shift, growing by 4%, which has contributed to Shiba Inu’s upward momentum.
A significant factor behind SHIB’s recent rally has been a surge in whale transactions. Over 400 large transactions of 100,000 SHIB or more were recorded, the highest level of whale activity since June. The total amount of SHIB exchanged reached 1.06 trillion tokens in a single day, reflecting an increase in investor interest. This spike in whale transfers indicates a shift in market dynamics, with analysts suggesting that such activity could lead to increased volatility in SHIB’s price.
Market Recovery and Positive Technical Indicators
Along with whale movements, Shiba Inu has managed to maintain its price above critical support levels, including a defense at $0.0000085. This demonstrates that SHIB’s momentum remains strong. Additionally, the broader cryptocurrency market has seen a modest recovery, with an overall increase of 0.94% in the past 24 hours. Technical indicators also favor a bullish outlook for SHIB. The Moving Average Convergence Divergence (MACD) shows positive momentum, and the Relative Strength Index (RSI) is nearing 69, signaling that SHIB is approaching an overbought condition.
The SHIB price chart, with a focus on 4 hours, reveals a breakout past the $0.00000890 resistance level. This has led some analysts to speculate that SHIB could target the $0.00000950 level next. If this resistance is broken, SHIB could potentially continue its upward trajectory toward $0.00001. This breakout also suggests that SHIB’s price may experience more short-term growth, depending on how the broader market reacts.
The increased whale activity and positive technical indicators suggest that Shiba Inu could remain volatile in the near term. Market watchers are keeping a close eye on SHIB’s price movements, as they anticipate further fluctuations.
