Nov 10, 2024
6thTrade
Shiba Inu (SHIB) has recently experienced a significant increase in large transaction volumes, with a staggering 6.47 trillion SHIB tokens, worth approximately $123.18 million, transacted in the past 24 hours. Data from IntoTheBlock shows a 150.47% spike in large transactions, reflecting heightened activity from major SHIB holders, or "whales."
Despite this surge, SHIB’s price response has been modest. Currently trading at $0.0000193, SHIB is up 1.60% over the past day and has gained 11% over the week, aligning with the broader bullish movement across the crypto market. Bitcoin’s recent climb above $77,000 has helped fuel optimism, contributing to rallies across various cryptocurrencies. $SHIB
Key Price Levels and What’s Next for SHIB
Since Nov. 5, SHIB has been on a three-day winning streak, though it faced consolidation as it approached the overhead resistance at $0.000020. While the bulls have yet to clear this barrier, the lack of significant pullback suggests that buyers are holding steady, potentially setting the stage for an upside breakout.
If SHIB manages to close above $0.000020, it could complete a bullish inverted head-and-shoulders pattern, with potential targets of $0.000026 and $0.000029. For the past few days, SHIB has consolidated within the range of $0.00001832 to $0.00001977, while remaining above its 50-day and 200-day moving averages, currently at $0.00001766 and $0.00001829, respectively.
However, bears may look to challenge this momentum by pushing SHIB’s price below its daily moving averages, which could trigger a drop to $0.000016. This level is expected to attract buyers, potentially stabilizing the price.
SHIB Ecosystem’s Vision for Growth
In related news, the Shiba Inu community has proposed the creation of a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in a U.S. city. This ambitious initiative aims to establish a global center for blockchain technology and sustainable development, further positioning Shiba Inu as a project with long-term potential and community-driven impact.
As SHIB’s price movement and whale activity keep investors’ attention, the proposed S.H.I.B. hub highlights the community’s focus on growth and innovation in the blockchain space. All eyes remain on whether SHIB can break past its resistance and continue its rally.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.