Shiba Inu (SHIB) Whales Wake Up: 200% Skyrocketing Recorded
Investor interest in Shiba Inu has increased following a sharp 200% increase in large transaction volume, a crucial on-chain indicator that frequently indicates an increase in whale activity. When paired with strong technical momentum, the large money inflow might be the catalyst SHIB needed for a proper recovery.
Following a multi-day rally that started when the token broke through crucial resistance at $0.00001350, SHIB is currently trading at about $0.00001439 USDT, up more than 1.2% on the day. SHIB is now trading near its 100-day EMA, which is currently at $0.00001655 after rising above the 50-day EMA. The 200-day EMA could be tested close to $0.00001793 if there is a breakout above this level.
Robust on-chain signals support the price action. Whales, who are usually long-term players with significant influence over market direction, are becoming more involved, as evidenced by the nearly 200% increase in large transactions - defined as those exceeding $100,000.
Although significant transfers may be a sign of distribution or accumulation, the continuous price rise and consistent volume indicate that a large portion of this whale activity is driven by buy-side forces. Furthermore, the Relative Strength Index (RSI) has entered bullish territory at 58.8, suggesting that momentum is increasing without yet reaching an overextended level.
This gives SHIB more space to rise before reaching possible exhaustion levels. Technically speaking, after months of bearish pressure, SHIB may confirm a trend reversal if it holds above the 50 EMA and breaks the 100 EMA. Bulls are currently in control due to a favorable technical setup and whale-driven demand.
Shiba Inu may be preparing for a long-term rally, as both chart patterns and on-chain data line up. Perhaps the clearest indication yet that SHIB's next significant move is upward is the resurgence of whale activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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