According to U.Today, Shiba Inu (SHIB) has experienced a major spike in whale activity, with close to four trillion SHIB transacted in just 24 hours. This sharp rise in high-tier transaction volume highlights renewed interest from large holders, potentially improving investor sentiment and supporting a bullish price trend for SHIB.
Whale Activity Signals Potential Price Boost
A significant uptick in whale transactions, rising from 895 billion SHIB on October 27 to 3.73 trillion SHIB on October 28, marks a substantial vote of confidence from major players. Such activity often indicates increased confidence among large investors, potentially fostering price stability or even upward momentum.
Technical Indicators Show Promising Signs
On the SHIB/USDT chart, SHIB appears to be consolidating above its key moving averages. The convergence between the 50-day and 100-day Exponential Moving Averages (EMAs) has, historically, hinted at breakout potential. This technical setup may indicate a strong base where SHIB could find support, especially with continued whale interest.
Key Levels to Watch
Investors should remain cautious, as whale-driven volume spikes have previously led to brief surges followed by corrections. The immediate support levels to watch are $0.000017 and $0.0000165, while resistance stands at $0.0000182. If SHIB can sustain whale interest and break above these levels, a more extended bullish phase could be in store.
This resurgence in whale activity makes SHIB a compelling watch for investors interested in tracking large-volume movements and market sentiment.
