Shiba Inu (SHIB) has experienced a notable surge in activity, with large transaction volumes spiking to 4.1 trillion SHIB within the past 24 hours. This surge has brought SHIB close to its seven-day high. Such increases in transaction volumes often signal heightened interest from large holders, or “whales,” whose actions can significantly influence future price movements.
Increased On-Chain Activity Draws Attention
The recent spike in on-chain volume has caught the attention of market participants, as these changes often precede major price moves. Large holders might be positioning themselves for future market shifts, whether they are expecting bullish or bearish trends.
SHIB/USDT Chart Source: TradingView
Technical indicators suggest that SHIB’s price movement is forming a symmetrical triangle pattern. This configuration typically leads to a breakout, with the direction being uncertain as volatility decreases. In line with this technical setup, as SHIB’s price approaches the tip of the symmetrical triangle, trading volume has begun to decrease.
Related article: Shiba Inu Aims for $0.05: Can Token Burns and Adoption Boost Its Price?
Historically, this pattern signals a breakout, driven by an increase in volatility. While the symmetrical triangle does not inherently favor a particular direction, the rise in large transactions might be seen as a potential sign of a bullish breakout.
Key Resistance and Support Levels to Watch
A breakout to the upside could see SHIB surpass key resistance levels, such as the $0.000018 mark, potentially indicating the start of a stronger bullish trend. Conversely, a downward breakout could push SHIB’s price down to test support at $0.000016 or even lower.
Related article: Shiba Inu Rebounds with Price Surge and Burn Rate Growth
The ongoing accumulation by large holders could fuel a sustained price rebound for SHIB in the long term. However, if the market loses momentum, SHIB may struggle to maintain its current price levels.
Close monitoring of the symmetrical triangle pattern, on-chain activity, and overall market sentiment remains essential for understanding SHIB’s future trajectory.
