Shiba Inu, the popular dog-themed cryptocurrency, has recently witnessed a surge in large transaction volumes, with a staggering 6.47 trillion SHIB tokens ($123.18 million) changing hands in the past 24 hours. This represents a substantial 150.47% increase in large transactions, indicating heightened activity among significant SHIB holders, often referred to as whales.
Price Reaction to Whale Activity
While the uptick in whale activity has generated excitement, SHIB's price has responded modestly. At the time of writing, SHIB is up 1.60% over the past 24 hours, trading at $0.0000193. This indicates a slight positive correlation between increased whale activity and price appreciation.
Bullish Momentum and Potential Upside
Shiba Inu has exhibited a bullish trend in recent weeks, with a notable 11% increase over the past seven days. The cryptocurrency attempted a breakout above the $0.000020 resistance level on November 6th, though the bulls were unable to sustain the momentum.
However, the persistent buying pressure and the formation of a bullish inverted head and shoulders pattern suggest that SHIB may be poised for further upside. A successful break above the $0.000020 resistance could propel the price towards $0.000026 and potentially even $0.000029.
Potential Downside and Support Levels
On the downside, bears could attempt to push SHIB below the 50-day and 200-day moving averages, which currently stand at $0.00001766 and $0.00001829, respectively. A break below these levels could weaken the bullish momentum and potentially drive the price towards the $0.000016 support level.
Shiba Inu's Plans
In a positive development, the Shiba Inu ecosystem has proposed the establishment of a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in a U.S. city. This initiative aims to transform the chosen city into a global center for blockchain technology and sustainable development, which could significantly boost SHIB's long-term prospects.
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