With 2.65 trillion SHIB moved in the last 24 hours, Shiba Inu has seen a notable increase in large transactions. The volume of large transactions has recovered noticeably, approaching the seven-day high of 3.52 trillion SHIB.
SHIB might soon surpass its seven-day high if the current trend holds, further enhancing its recovery from the recent decline. SHIB has experienced pressure, as evidenced by the on-chain data, which is reflected in both its price and transaction volume. But the recent spike in the volume of large transactions points to a rebound that might provide more momentum.
SHIB/USDT Chart by TradingView
This is further reinforced by the fact that, in the last 24 hours, the total amount of transactions in USD has reached $35.9 million is a positive indication of rising interest and liquidity returning to SHIB. By examining the price chart, we can observe that SHIB has been trading near the $0.000013 level, indicating a struggle to find stable ground.
The asset is still below its major moving averages, the 50, 100 and 200 EMA, which may serve as short-term resistance levels. But if strong buying pressure continues, the increasing transaction volume might help SHIB break through these barriers and possibly see a price recovery.
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Overcoming $0.000017 would be a crucial milestone for SHIB in its comeback. This level and higher transaction volume would support a reversal of the recent downward trend on SHIB. However, if significant holders keep adding to their holdings, this may indicate that SHIB is starting to regain some of the momentum it lost earlier in the year.
Generally speaking, the large transactional volume is a great sign for investors, but we should not ignore relevant market conditions like the outflow of institutional investors and the generally suppressed sentiment.
