A week ago, U.Today reported on possible scenarios that could lead to a golden cross on the price chart of the popular meme-inspired cryptocurrency Shiba Inu (SHIB).
Although only seven days have passed since then, SHIB’s price has seen significant volatility, which at first glance would appear to have derailed those plans, but in reality the situation is far more complex.
Shiba Inu has seen a surge in trading volume over the past day, reaching almost 2 trillion tokens in the past 24 hours. This notable move indicates an increase in network activity, which could signal possible price volatility or a change in direction when trading begins next week.
Large accumulation or distribution can often be indicated by high trading volumes. Given the current amount of activity, this spike could mean that traders or institutions are preparing for a big move. Despite the high volume, SHIB is currently trading at relatively stable levels, hovering around $0.0000170 on the price charts.
However, the asset has shown sensitivity to large trades, which suggests that if buying pressure increases, SHIB's price could surge. On the other hand, if this volume indicates selling or liquidations, the price could drop and test current support levels. In the short term, $0.0000165 is a major support level for SHIB. A break below this level could indicate a strengthening of bearish momentum.
On the positive side, a move to $0.0000180 would indicate renewed strength in the SHIB and could start an uptrend. The high volumes seen before the start of the trading week could create conditions for a more volatile SHIB price action on Monday, which could result in a breakout or test of support levels.
Ultimately, the surge in on-chain activity could be a determining factor for SHIB in the coming days. Traders should keep a close eye on this trend, as any sustained changes in trading volume could signal whether Shiba Inu’s price is poised to break out or face downward pressure.
