Gushiken Yona
A battle brews on the Shiba Inu charts. Trading volume soars, “whale” investors make massive moves, and the question on everyone’s mind is: can $SHIB finally break through key resistance and ignite a new rally?
Shiba Inu Trading Volume, Whale Activity
Shiba Inu experienced a dramatic surge in trading activity over the past week, prompting speculation about a potential price breakout. Daily trading volume reached $486.25 million, a 57.81% increase, according to recent data from CoinMarketCap.
This heightened activity coincided with a significant increase in large transactions, often attributed to “whales” – investors holding substantial amounts of the cryptocurrency. Data from IntoTheBlock, a blockchain analytics firm, reveals that large transaction volumes for SHIB jumped by over 150% between March 2 and March 5.
On March 2 alone, these large holders traded $17.28 million worth of SHIB. This surge in whale activity often precedes significant price movements, as large buy or sell orders can have a disproportionate impact on the market.
Technical Hurdles Ahead
While the increased trading volume and whale activity are potentially bullish signals, Shiba Inu faces several critical resistance levels that it must overcome to sustain a significant upward trend. These resistance levels, identified through technical analysis of the price chart, by crypto analyst The Hunters_Company, represent price points where selling pressure has historically been strong.
The first significant resistance is at $0.00001693. This level, visible on the accompanying chart, represents a near-term hurdle. A “breakout” – a sustained move above this price – could indicate a shift in market sentiment and potentially trigger further buying.
A more substantial mid-term barrier lies at $0.00002485. Overcoming this resistance would be a more significant development, suggesting a stronger bullish trend. If SHIB can surpass this level, the analyst suggested a potential move towards $0.00004022, a previous high point for the cryptocurrency.
The analyst also used Fibonacci projections, a technical analysis tool that identifies potential support and resistance levels based on mathematical ratios, to forecast longer-term price targets. One such projection suggests a potential long-term target of $0.00007380 for SHIB, although such projections are inherently speculative and depend on numerous market factors.
Shiba Inu Price Action
As of 12:05 a.m. ET, Shiba Inu (SHIB) was trading at $0.00001150, a price reflecting the heightened activity that saw its 24-hour trading volume surge to $485.35 million – a substantial 56.69% increase. This surge placed Shiba Inu’s market capitalization at $6.77 billion, according to data from CoinMarketCap.
With a circulating supply of 589.27 trillion SHIB tokens, the meme coin’s price movements are often characterized by significant volatility, driven by a combination of speculative trading and broader market sentiment. The current price action suggests a renewed, though still tentative, interest in SHIB, following a period of relative stagnation.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
