Shiba Inu (SHIB) is showing signs of recovery, with 2.65 trillion SHIB tokens moving within the last 24 hours. This notable surge in large transactions marks a positive shift for SHIB, as the volume of these transactions approaches the seven-day peak of 3.52 trillion SHIB. If this trend persists, SHIB may soon surpass its weekly high, indicating a continued recovery from its recent downturn.
Transaction Volume Points to Recovery
The increase in large SHIB transactions reflects renewed interest in the asset, suggesting a potential rebound. SHIB has faced downward pressure recently, as reflected in both its price and transaction volume. However, the recent spike in the volume of large transactions signals a turnaround that could fuel a more significant recovery.
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Despite the uptick in transaction volume, SHIB remains below several key technical levels, including the 50, 100, and 200 Exponential Moving Averages (EMAs). These moving averages could act as short-term resistance for the asset. However, if the current buying momentum persists, the increased transaction volume could help SHIB break through these levels, potentially triggering a price recovery.
SHIB/USDT Chart Source: TradingView
To solidify its recovery, SHIB needs to surpass the $0.000017 price level. Achieving this milestone, combined with sustained high transaction volume, would mark a reversal of SHIB’s recent downward trend. This could attract more investors, further supporting the asset’s comeback.
Major Holders Add to Positions
Another positive sign for SHIB’s recovery is the continued accumulation of tokens by significant holders. This behavior suggests that key investors are regaining confidence in the asset’s future prospects.
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While the increased transaction volume is encouraging, it is essential to consider broader market conditions, including the outflow of institutional investors and the generally subdued market sentiment.
The large transactional volume in SHIB serves as a positive signal for its recovery, but market conditions and technical resistance levels remain key factors in determining its future trajectory.
