According to recent on-chain data, Shiba Inu (SHIB) experienced a remarkable surge in whale activity over 24 hours. More than 3 trillion SHIB tokens were moved in large transactions, marking a significant uptick in market activity for the cryptocurrency.
This increase in major transactions points to the possibility of a price recovery, as similar patterns have often preceded major shifts in market trends.
Data reveals that whales, or large holders of SHIB, may be accumulating tokens again. 165 large transactions were recorded within the past day, accounting for a total volume of over 3 trillion SHIB. Such large-scale movements of SHIB are typically seen when significant holders begin to make strategic plays in anticipation of future price changes.
This resurgence in whale activity comes after a relative inactivity, suggesting that these investors might be positioning themselves for a potential price reversal. Historically, substantial accumulation by whales has led to buying pressure, which can drive the price of the token higher.
Currently, SHIB is encountering resistance at the $0.00001800 level. If the ongoing whale activity persists, market observers will be closely monitoring whether this resistance can be broken. Breaking through this level could trigger a more extensive rally, pushing the token’s price closer to previous highs.
In addition, the next key resistance level sits at $0.00002000, a critical threshold that, if breached, would likely signal the beginning of a more significant upward trend. As large investors continue to accumulate SHIB, this scenario can unfold in the future.
On the other hand, if SHIB fails to surpass the current resistance and begins to retrace, there is a crucial support level at $0.00001500. Maintaining this support is essential for sustaining the current uptrend. Should the digital asset fall below this level, it could result in a more prolonged price decline.
For now, the outlook remains cautiously optimistic as whale activity continues to provide bullish signals. However, traders and investors should watch these key levels to determine whether SHIB will sustain its upward momentum or face a potential reversal.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
When a trader with a track record like making $200 million on Ethereum shares his…
As October begins, the cryptocurrency market is optimistic, particularly regarding Shiba Inu. AI chatbots Meta…
The world of cryptocurrency is ever-evolving, and one of the most exciting trends currently making…
Whale actions are usually important in the crypto space as their activities could determine price…
During a significant market downturn, over 95% of Polygon users encountered unrealized losses following a…
In the modern world of online casinos, one of the things that players prioritise more…