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Shiba Inu on the Move: Whale Activity Suggests Major Price Shift

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Shiba Inu Whales Make Big Moves, Adding Over 1 Trillion Tokens

Whale activity in Shiba Inu (SHIB) has picked up again, signaling a potential recovery for the meme-based cryptocurrency. On-chain data revealed that over 3 trillion SHIB tokens were moved in large transactions over the past 24 hours, reflecting a sharp increase in trading volume. Such whale activity, where large holders make significant moves, often foreshadows major price shifts in the market.

Whale Transactions Hint at Price Reversal

The surge in high-volume transactions suggests that whales, major SHIB holders, are positioning themselves for a possible price reversal while recent data shows 165 large transactions were completed, totaling a whopping 3.02 trillion SHIB. 

Related article: Will Shiba Inu Break Free From August-September Lows With a 48% Price Surge?

This uptick indicates whales are beginning to accumulate the token once again after a period of relative inactivity. Historically, when whales build up their SHIB holdings, it increases buying pressure on the asset, which can push the price upward. 

SHIB/USDT Chart Source: TradingView

This whale activity could enable SHIB to break through key resistance levels, potentially sparking a larger price recovery. The key to this scenario will be whether this surge in whale buying pressure continues.

Key Price Levels: Resistance and Support Zones

Currently, SHIB faces resistance at the $0.00001800 level. A continuation of whale activity might provide enough momentum for SHIB to surpass this point. If SHIB manages to break above this level, it would suggest that strong buying pressure is driving the price higher. The next major resistance zone lies at $0.00002000. Breaking through this critical level could trigger a significant rally.

Related article: Shiba Inu Rebounds Strongly: Can It Reach a New All-Time High?

Moreover, SHIB finds crucial support at the $0.00001500 level. If SHIB fails to break above the current resistance, holding this support will be essential to maintaining its current uptrend. A failure to hold could lead to a retracement.

With over 3 trillion SHIB transferred in just one day, whale activity suggests that large holders are once again making moves. If this buying pressure continues, it could lay the groundwork for a significant price recovery.

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