SHIB Soars! Large Transactions Increase by 98%, Good Sign or Not? 🚀
Shiba Inu (SHIB), the second-largest meme coin, is attracting the attention of whales and institutions, especially amid the current price consolidation. 📊 According to on-chain analytics firm IntoTheBlock, SHIB’s large transaction volume has surged by 98% in the past 24 hours, indicating significant participation from whales and institutions. 🐋
With this surge, there is hope for an upcoming rally, as it could attract retail investors. 💸 In addition, SHIB reserves on exchanges have also dropped drastically, further strengthening the bullish outlook for SHIB. 📉
In the past 24 hours, over 1.67 trillion SHIB, worth nearly $41 million, has been withdrawn from exchanges. 😲 Usually, when a surge like this occurs, SHIB can record a significant price increase, as it did previously when the price surged by 62%! 📈
However, despite the positive momentum on-chain indicators, SHIB is currently struggling to recover. 😕 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. ⚖️
From the technical analysis, SHIB is forming a descending triangle pattern on the 4-hour chart and is almost ready to breakout. 🔍 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. 🌟 Technical indicators like the RSI and 200 EMA also show bullish momentum, which could lead to a further rally in the coming days. 💪
So, let's see if SHIB can continue this positive trend! 🐕✨
#CryptoExplorerFiesta #Shibalnu #shiba⚡ #memecoin🚀🚀🚀 #Binance