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The dog-themed cryptocurrency Shiba Inu (SHIB) witnessed a notable surge in whale activity, with 6.47 trillion tokens transacted in just 24 hours. This 150% spike highlights increased interest among major holders as Shiba Inu approaches key resistance levels amid a broader crypto rally.
Shiba Inu Whale Activity Surges with 6.47 Trillion SHIB Transacted
Large transaction volumes have been observed recently for the dog-themed cryptocurrency Shiba Inu (SHIB). In the last 24 hours, a total of 6.47 trillion SHIB tokens, or $123.18 million, were transferred.
This indicates more activity by major SHIB holders, sometimes called whales, since it represents a 150.47% rise in large transactions, according to statistics from IntoTheBlock.
Minimal Price Reaction Despite Increased Whale Activity
The price of SHIB has responded minimally despite the increasing whale activity. SHIB has risen 1.60 percent in the last 24 hours, reaching $0.0000193; this seems to be a small positive reaction to the increase in big transactions. Reflecting the overall bullish trend in the cryptocurrency market, SHIB has gained 11% in the past week.
The first price of Bitcoin (BTC) to surpass $77,000 was seen on Friday, setting off a rally in the cryptocurrency market in reaction to the Federal Reserve's decision to slash interest rates.
Shiba Inu Eyes Key Resistance Levels as Bulls Consolidate
Starting on November 5th, Shiba Inu rose for three consecutive days before bulls started to consolidate. The future of the Shiba Inu pricing is being closely watched.
Shiba Inu's price was unable to break over the $0.000020 overhead resistance on November 6th.
Bullish Momentum Builds, Eyes on Potential Breakout
The bulls' refusal to cede territory to the bears is a positive indicator. An upside breakthrough may be more likely as a result of this, U.Today points out. Shiba Inu can see price increases to $0.000026 and $0.000029 if a bullish inverted H&S pattern is completed with a closure above $0.000020.
Over the past three days, Shiba Inu has stayed above its 50-day and 200-day moving averages of $0.00001766 and $0.00001829, respectively, while consolidating in a range of $0.00001832 to $0.00001977. On November 6th, it attempted a breakout over $0.00001987.
Bearish Pressure Could Spark Buying Opportunity
In order to reduce the strength of the bullish momentum, bears may have to lower the SHIB price below the daily moving averages. If they succeed, SHIB might drop below $0.000016, a level that is expected to entice buyers.
Shiba Inu Community Proposes Strategic Hub for Blockchain Development
The Shiba Inu community is planning to turn a city in the United States into a cutting-edge blockchain research and sustainable development hub by constructing a Strategic Hub for Innovation and Blockchain (S.H.I.B.).
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