Amid a Shiba Inu rally, we have seen ups and downs for a number of whale-tier transactions. There is a good reason for that.
Two theories stand out: first, profit-taking during SHIB's price rise is a likely cause. Investors seeing the price spike may decide to cash in on their gains, leading to a large number of transactions.
Second, during a market correction, transactional activity often ramps up as traders engage in profit-taking, margin trading and leveraging, trying to capitalize on the volatile price movements.
SHIB is currently trading at a pivotal price of $0.00002758. This is a crucial moment, as it hovers around a key support level at $0.00001954, where SHIB has previously managed to hold steady. If this level can be maintained, it could be a springboard for future growth.
Looking up, we find a resistance level at $0.00003500. For SHIB to enter a solid growth phase, it needs to break past this barrier. If successful, it could signify the beginning of an extended upward trend, possibly reaching for newer heights.
If the support holds firm and market conditions stay favorable, we might witness SHIB climbing toward that resistance level. However, the volatility of the market means that these movements could change rapidly, and the community should watch these levels closely.
While the massive number of transactions may point to a variety of strategic moves by big holders, SHIB's future on the market will largely depend on its ability to sustain key support levels and break through resistance barriers. Additionally, keep in mind that the correction on the crypto market has just concluded, and it is too early to form any assumptions.