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Shiba Inu exploded with a 4.1 trillion SHIB volume surge in the past day, nearing a seven-day high. Whales have significantly ramped up their activity, sparking market excitement for an imminent price breakout as volatility creeps back into the market.
Whale Activity Drives Massive 4.1 Trillion SHIB Surge
A huge increase in transaction volume of 4.1 trillion SHIB over the past day, nearly hitting its seven-day peak, indicates that Shiba Inu has been very active recently. Large holders, or "whales," who can influence price movements in the future, are becoming more interested when there is an uptick in large transactions.
Market Participants Brace for Future Swings
Market participants may be setting up for future swings, whether bullish or negative, when there are significant shifts in on-chain volume.
A symmetrical triangular pattern has been visible in the price action of SHIB, according to the data that is currently available. This technical structure usually leads to a breakout in either direction as volatility reduces.
Price Volatility Expected to Spike Soon
Trading volume typically decreases as an asset approaches the triangle's tip, which is in line with the pattern's typical tendency. This may indicate that price volatility is about to spike, which could signal an impending breakout.
Although an increase in big transactions can be interpreted as a positive sign, the symmetrical triangle does not inherently favor one side over the other, as U.Today explains.
Key Resistance Level Holds SHIB's Future Path
If SHIB manages to break out above key resistance levels, such as the $0.000018 mark, it would signal a stronger upward trend. If the price breaks down again, it can go back to testing the $0.000016 level or lower.
SHIB’s Long-Term Price Depends on Whale Behavior
The market mood, SHIB's connection to Bitcoin and other major assets, and the technical pattern make it all the more important to monitor the on-chain data closely.
If large holders keep buying, it can lead to a price recovery in the long run. Conversely, if momentum fades, SHIB may struggle to maintain its present price.
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