SHIB Soars! Large Transactions Increase by 98%, Good Sign or Not? ๐
Shiba Inu (SHIB), the second-largest meme coin, is attracting the attention of whales and institutions, especially amid the current price consolidation. ๐ According to on-chain analytics firm IntoTheBlock, SHIBโs large transaction volume has surged by 98% in the past 24 hours, indicating significant participation from whales and institutions. ๐
With this surge, there is hope for an upcoming rally, as it could attract retail investors. ๐ธ In addition, SHIB reserves on exchanges have also dropped drastically, further strengthening the bullish outlook for SHIB. ๐
In the past 24 hours, over 1.67 trillion SHIB, worth nearly $41 million, has been withdrawn from exchanges. ๐ฒ Usually, when a surge like this occurs, SHIB can record a significant price increase, as it did previously when the price surged by 62%! ๐
However, despite the positive momentum on-chain indicators, SHIB is currently struggling to recover. ๐ Currently, SHIB is trading around $0.000024, down 3.25% in the past 24 hours.
Trading volume has also dropped by 12.5%, indicating lower participation from traders and investors due to FLOKI price consolidation. โ๏ธ
From the technical analysis, SHIB is forming a descending triangle pattern on the 4-hour chart and is almost ready to breakout. ๐ If SHIB can break out of this pattern and close a candle above $0.000026, it is likely to rally up to 13% towards the next resistance level at $0.000030.
If it manages to break through this level, there is a possibility that SHIB could rise again by up to 25%, targeting the $0.000038 level as the second milestone. ๐ Technical indicators like the RSI and 200 EMA also show bullish momentum, which could lead to a further rally in the coming days. ๐ช
So, let's see if SHIB can continue this positive trend! ๐โจ
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