Shiba Inu faces immediate resistance as whale activity surges, signaling potential volatility and price fluctuations.
Shiba Inu (SHIB) currently trades for $0.0000086, marking a 1.4% increase in the last 24 hours. The 24-hour trading range for SHIB lies between $0.00000842 and $0.0000086, with a 24-hour trading volume of $114.97 million. Further, the total market cap stands at $5.048 billion.
Over the past 7 days, SHIB has gained 7.3%, and in the last 14 days, it has increased by 3.6%. The 30-day performance shows a 12.2% decline. Amid this positive short-term stretch, traders are monitoring the next moves closely to assess whether SHIB can maintain momentum or if market corrections will emerge in the near future.
Shiba Inu Price Analysis
Notably, Shiba Inu’s 1-day chart reveals a Bollinger Bands setup that highlights declining price volatility. Currently, the SHIB price is trading just above the middle band (SMA 20), which is situated around $0.000008406.
The upper band at $0.000009055 serves as the immediate resistance level, indicating that if SHIB continues upward, it could face challenges breaking through this level.
On the other hand, the lower band at $0.000007757 represents support, marking a key level where buying pressure could emerge if the price falls towards it. With SHIB recently testing the middle band support level, a launch from this point could lead to a potential retest of the upper band and above.
Looking at the MACD indicator, the histogram shows a transition from bearish to bullish momentum, as the bars have turned green, suggesting that the market sentiment is shifting positively. The MACD line has moved above the signal line, reinforcing the potential for a bullish move.
This crossover could signal further upward price action, especially if the SHIB price holds above the support at $0.000008406. If SHIB breaks through the upper Bollinger Band resistance at $0.000009054, it may aim for higher levels like $0.00001.
SHIB Sees Surge in Whale Activity
Meanwhile, according to Santiment, Shiba Inu has experienced a significant surge in whale activity, reaching the highest level of whale transfers since June 6th. The spike includes 406 whale transactions, each exceeding $100,000 in value. This large-scale movement of funds highlights an uptick in interest from high-net-worth individuals or entities in the SHIB market.
In addition to the increased whale activity, Santiment notes a net addition of 1.06 trillion SHIB to exchanges over the past 24 hours. This suggests that a large volume of SHIB has been moved to exchanges, potentially signaling the preparation for significant trading action.
Santiment predicts that these developments may result in high volatility for SHIB in the coming days, as whale activity and the influx of tokens on exchanges could lead to price fluctuations.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
