As a seasoned researcher with over a decade of experience in the cryptocurrency market, I find myself intrigued by the recent surge in Shiba Inu’s volume and on-chain activity. The technical indicators are suggesting a potential resurgence for this meme coin, which is always an exciting prospect to observe.
2.7 trillion Shiba Inu tokens were traded over the past 24 hours, hinting at a possible comeback for this cryptocurrency given the increase in on-chain activity recently observed. The current technical and on-chain signals suggest that this surge could mark a shift in the token’s price trend, implying a rising curiosity towards it.
From a technical perspective, it’s clear from the chart that Shiba Inu is currently in a symmetrical triangle formation. Since the asset has been hovering close to significant support points, traders are vigilantly waiting for signs of a breakout. If SHIB manages to breach these resistance levels, it could significantly influence its future price movement.
Three key resistance levels to watch out for: If SHIB manages to surpass $0.000018, it might trigger a rally with increased buying interest. A consistent break above could suggest that SHIB is heading towards higher levels. A bullish reversal may be signaled by a move beyond the $0.000022 resistance level. This could lead to reaching even higher highs, continuing the token’s upward trend. If SHIB breaks through at the $0.000025 level, it might test its previous annual highs, indicating a complete recovery.
Over the past 24 hours, there were 118 substantial Shiba Inu transactions, and this pattern in large transactions is persistent according to on-chain data. Additionally, the volume of big transaction amounts (approximately 2.71 trillion SHIB) has increased. This could imply that significant investors might be readying themselves for a potential shift. At present, the Shiba Inu price hovers near its lower support zones, and an uptick in transactions, combined with technical consolidation, may hint at an impending breakout. If bulls manage to take control and push the price beyond these critical points, SHIB could witness a significant market recovery.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- BICO PREDICTION. BICO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- SHI PREDICTION. SHI cryptocurrency
- Best 6-Star Characters In Bleach: Brave Souls
- LPT PREDICTION. LPT cryptocurrency
2024-10-11 15:48