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With an incredible 11.39 trillion SHIB in transaction volume over the past day, Shiba Inu has seen a lot of on-chain activity. This increased activity coincides with strong whale movements, which frequently serve as important market drivers for the dynamics of the asset's price.
According to the chart, SHIB is presently trading close to the $0.000030 level, which is starting to show signs of being a crucial resistance. On the downside, $0.000026 shows strong support, which could serve as a foundation for a recovery in the event that the asset experiences sell-offs. Mixed market sentiment is indicated by the trading volume, which is still comparatively steady but trails slightly behind the huge spike earlier this month.
Whale activity peaked at 21 trillion SHIB on Dec. 2, a seven-day high, as shown on the large transactions volume chart, highlighting their important role in market liquidity. Significant price movements are frequently preceded by this level of activity, which can lead to breakouts or consolidations.
Yuri MolchanThe market's trajectory in the upcoming days will probably be influenced by the interaction between whale activity and the actions of individual investors. According to SHIB's RSI (Relative Strength Index), the asset is currently marginally overbought, but not at an extreme level. This suggests a potential short-term consolidation or slight retracement prior to the next significant move, when paired with declining volume.
SHIB must break above the $0.000030 resistance in order to continue in a bullish manner, with $0.000033 is the next target. However, if the $0.000026 support is broken, there may be a chance for a retest of $0.000022, where more demand could surface. Another important factor is the larger market context.
The movement of SHIB depends on both whale strategies and macro sentiment as major cryptocurrencies have stabilized following recent rallies.
Alex Dovbnya
Dan Burgin
Vladislav Sopov