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Shiba Inu (SHIB) transactions soared to 5.7 trillion in 24 hours, signaling a potential bullish trend in the market.
Significant Increase in SHIB Transactions
U.Today reports the volume of significant deals with Shiba Inus increased dramatically within a day. A rising value in that statistic indicates that there are more whales available for purchase.
The asset's volatility would presumably increase as a result. The likelihood of an advance grows when one considers the optimistic market sentiment.
The enormous transaction volume of Shiba Inu jumped to 5.71 trillion SHIB on July 8, 2024, according to data from IntoTheBlock.
The recent uptick in activity is indicative of significant holders' increased involvement. Market interest and volatility are heightened by these types of changes, which typically indicate a planned accumulation or distribution.
Technical Indicators Show Bullish Potential
Shiba Inu is presently bouncing back from its recent lows, trading at $0.00001745, as seen on the daily SHIB/USDT chart. The asset has surpassed the 50-day exponential moving average ($0.00001750) and is now approaching the 100-day resistance level. A solid breakout above these levels would establish a bullish trend and pave the way for SHIB to proceed toward higher goals.
In addition, the relative strength index is in a neutral position with the potential for further upward movement; it is currently at 49. The positive outlook is reinforced by the rise in trading volume.
An increase in the involvement of large investors is a common precursor to significant price changes, and it reflects growing faith in the asset's future performance. In general, the market is doing well for Shiba Inu too.
Market Sentiment Remains Positive for SHIB
Since Bitcoin and other major cryptocurrencies are doing well, the market sentiment is generally upbeat. This favorable environment could provide SHIB with the additional impetus it needs to continue climbing the rankings.
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