Whale Activity: Large Transaction Volume Soars
Shiba Inu (SHIB), the second-largest crypto meme coin, has captured the attention of whales and institutional investors as it undergoes a phase of price consolidation. This development is seen as a positive sign, pointing to a bullish trend for the digital asset. On-chain analytics from IntoTheBlock reveal a staggering 98% increase in SHIB’s large transaction volume over the past 24 hours, highlighting significant involvement from major players in the crypto market.
The surge in transaction volume is a promising indicator for SHIB, suggesting an imminent rally. This trend can potentially draw in retail investors and traders, enhancing the coin’s market appeal. Moreover, SHIB’s exchange reserves have seen a marked decrease within the same timeframe, further cementing the optimistic outlook for the meme coin.
Whales Withdraw 1.67 Trillion Tokens from Exchanges
Data from the on-chain analytics firm Santiment shows that a substantial 1.67 trillion SHIB, valued at nearly $41 million, has been withdrawn from exchanges over the past 24 hours. This movement is reminiscent of a previous scenario where a similar spike in exchange outflow led to a significant 62% price increase for SHIB.
This time, the robust participation of investors and whales is evident in the increased transaction volume. Anticipating a potential rally, these major stakeholders are strategically withdrawing trillions of tokens from exchanges, setting the stage for a possible price surge.
Current Price Momentum and Market Dynamics
Despite the bullish indicators from on-chain metrics, SHIB is currently facing challenges in gaining upward momentum. As of the latest update, the meme coin is trading around $0.000024, marking a 3.25% decline in the past 24 hours. This period also witnessed a 12.5% drop in trading volume, signaling reduced participation from traders and investors, likely influenced by the ongoing price consolidation of competitors like FLOKI.
Technical Analysis and Potential Breakout Levels for SHIB
According to technical analysis from CoinPedia, SHIB is currently forming a descending triangle pattern on the four-hour chart and is teetering on the brink of a breakout. Historical price data suggests that if SHIB successfully breaches this pattern and closes a four-hour candle above the $0.000026 level, it could trigger an initial rally of 13%, aiming for the next resistance level at $0.000030.
Should SHIB overcome this resistance, the potential for a further 25% rally emerges, setting a target of $0.000038 as the next milestone. Technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) also support the notion of bullish momentum, hinting at a possible upside rally in the days to come.
