Shiba Inu (SHIB) has recently experienced a surge in large transactions, accompanied by a notable increase in transaction volumes. This surge has brought attention to how market interest and significant trades by large holders may impact SHIB’s price.
Examining this increase in activity in conjunction with SHiba Inu’s recent price performance could provide valuable insights into potential price movements.
Surge in Large Transactions for Shiba Inu
Recent data from IntoTheBlock shows a notable uptick in large transactions for Shiba Inu starting in late September and continuing through November, with spikes evident in early October and November. The transaction volume peaked at 6.47 trillion SHIB by the 8th of November, indicating heightened market activity.
This gradual rise in transaction volume suggests a correlation with SHIB’s recent price appreciation.
Price Movement Following High Transaction Volumes
Shiba Inu’s price has been trending upwards since surpassing the $0.000018 mark. The recent rally propelled the price above $0.00002221, marking an 8.24% increase over the past day.
An analysis revealed a negative price trend on November 8th when large transactions exceeded 6 trillion SHIB. However, subsequent days have shown a positive price trajectory.
The 50-day moving average surpassed the 200-day moving average in early October, indicating potential bullish momentum. Notably, SHIB maintained support above $0.0000178 before breaking past $0.000022.
With the RSI standing at 72.22 currently, SHIB could be entering overbought territory, signaling a need for caution among traders.
If the current bullish momentum persists, SHIB might challenge resistance levels at $0.000023 and $0.000025. Conversely, a retracement could find support at $0.000018, the previous consolidation zone.
Implications of Increased Large Transactions
The uptick in large transactions suggests heightened interest from high-volume traders and potential accumulation by whales, signifying confidence in SHiba Inu’s long-term prospects.
However, such activity could introduce greater volatility, as significant holders might influence price movements.
As SHIB nears key resistance levels, the surge in transaction volume could fuel either a breakout or a correction, depending on the actions of major holders at these levels.
The price trend of Shiba Inu and the increase in large transactions indicate a mixture of bullish opportunities and the need for cautious monitoring. Keeping an eye on transaction volumes and RSI levels can provide further guidance on SHIB’s short-term outlook.