š„ā ļøSHIBA INU UPDATE ā ļøš„
Large Holder Inflows Surge: According to IntoTheBlock data, Shiba Inu has experienced an impressive 671% increase in large holder inflows. These inflows track funds going into whale addresses. š
What Does This Mean?: When large holders (whales) move funds into SHIB, it often indicates significant buying activity. These holders typically buy on centralized exchanges and then transfer their assets to cold storage. Additionally, spikes in large holder inflows can signal price bottoms, as these addresses tend to accumulate after corrections. šš°
Price Teetering on the Edge: SHIBās price is currently on the brink of a major breakout. As of now, it has risen 8.36% in the last 24 hours, reaching $0.00001548. Over the week, Shiba Inu has seen a 17% increase. š
Market Sentiment and Fedās Influence: The broader cryptocurrency market has been buoyed by positive sentiment, partly influenced by signals from the Federal Reserve regarding rate cuts. SHIB has benefited from this overall market trend, posting gains in the past 24 hours. š
Technical Analysis: Shiba Inu has been trading within a range recently, building up pressure. Analysts speculate that this pressure could lead to a significant price breakout. The surge in inflows adds to this anticipation. š¤
Key Resistance Levels: Technical analysts are closely monitoring resistance levels. If breached, these levels could trigger buying activity and propel SHIBās price higher. The daily Simple Moving Average (SMA) at $0.00001561, which has held SHIB back since mid-April, remains critical. š
Price Targets: If SHIB breaks through, it might aim for the daily SMA 200 at $0.00002 and $0.00003 levels. These are potential targets for an upward move. šÆ
Near-Term Trajectory: The next few days are crucial for determining SHIBās direction. If bulls can sustain the breakout, we may see further gains. Otherwise, support is expected around $0.000010. š
Remember, cryptocurrency markets can be volatile, so keep an eye on developments and trade wisely! šš”
