Whales are beginning to transfer large sums of money between their wallets, and Shiba Inu is seeing a recovery on many on-chain metrics. This may indicate an impending spike in volatility or just a general rebound following a dull weekend.
Shiba Inu is currently trading at $0.00001729, indicating consolidation following an extended period of bearishness. Large transactions and overall volume for the asset have recently increased, suggesting that large holders are becoming more active. Total volume and large transaction volume for the asset have recently increased, suggesting that large holders are becoming more active.
SHIB/USDT Chart by TradingView
There were 61 large transactions in the last 24 hours, on July 18, 2024, the number of transactions reached a seven-day high of 1.06% and on July 21, 2024, it fell to 30. A total of 1.56 trillion SHIB were exchanged in the last 24 hours, with a seven-day high of 50.84 trillion SHIB on July 18, 2024, and a seven-day low of 558.73 billion SHIB on July 21, 2024.
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These indicators point to a resurgence of interest in SHIB, especially from larger investors. It is possible that whales are preparing for future price movements by the rise in large transactions and overall volume, which could result in higher volatility in the days ahead.
Shiba Inu is encountering resistance from the 50 EMA and the 100 EMA, which are functioning as strong obstacles to upward movement, according to the SHIB/USDT chart. Strong resistance is also being provided by the 200 EMA, which is currently at $0.00001905. With the RSI indicator at 46, the market is neutral but has a slight bearish inclination. It would appear from this that although buying interest is present, it is not yet enough to push SHIB above its major resistance levels.
