Just 5.32%? Shiba Inu Surprises With Mild Spike in This Key Metric

by

As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market ebbs and flows. The recent rise in large transaction volume for Shiba Inu (SHIB) is intriguing but not exactly setting off any fireworks just yet.

Over the past 24 hours, there’s been a slight surge in significant transactions for the Shiba Inu cryptocurrency (SHIB), registering an increase of 5.32%. This activity hints at some movement among big investors or ‘whales’, but it’s important to note that this growth is minimal compared to its more recent spikes.

Currently, Shiba Inu coin (SHIB) has risen by a modest 1.89% over the past 24 hours, currently priced at approximately 0.0000247 USD. This minor uptick aligns with a general trend of subdued market energy, as SHIB’s price and trading activity have yet to record significant advancements.

Based on information from IntoTheBlock, the value of large transactions surged to approximately $268.71 million (equivalent to 11.04 trillion SHIB) within a 24-hour period, marking a 5.32% rise compared to the previous day.

High numbers of transactions often signal whale activity, which refers to transactions valued at $100,000 or more. A 5.32% increase could suggest cautious involvement by significant investors, but it’s not the massive spike that Shiba Inu supporters might be anticipating.

As an analyst, I observed a dip in my Shiba Inu holdings earlier this week, coinciding with Bitcoin’s descent from the significant $100,000 mark. This seems to be due to investors realizing their profits following the recent market surge.

The crypto market is rebounding, with several crypto assets, including SHIB, trading in the green.

SHIB price action

On November 24, Shiba Inu reached a peak of $0.00002813, but since then it has declined for three consecutive days. However, a promising indication is that buyers, who are typically bullish, stepped in to purchase during this downturn.

Shiba Inu has recovered from yesterday’s low of $0.00002334, trading at $0.0000247.

If the ongoing rally in SHIB continues, investors might strive to drive the price back up towards its previous peak of approximately $0.00002813. If successful, this could mark the beginning of a new upward trend. The token could potentially reach $0.00003044 and even $0.000032, but sellers are expected to put up strong resistance in that region. If they’re unable to keep the price down, SHIB might surge as high as $0.000045.

Keep an eye on the 50-day Simple Moving Average (SMA) around $0.00002087 as a crucial level of support, especially in a downward trend. If this SMA is breached and closed below, it could lead to additional drops, potentially reaching the Daily SMA 200 at $0.0000184 or even lower to $0.000015.

Read More

2024-11-27 14:55