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There has been a significant increase in network activity on Shiba Inu with over 615 trillion SHIB being transferred in large transactions in a 24-hour period. This is the highest volume seen in a month. A possible turning point for the asset both on-chain and on the open market is indicated by this sharp increase in whale activity.
Per on-chain data, this movement wave peaked July 18, which also happened to be the day that SHIB's price reached $0.000015, the upper limit of its current resistance range. Usually high-net-worth holders or institutionally sized entities drive large transaction volume, which comes before volatility. The overall sentiment and technical structure play a major role in determining whether this leads to continuation or a correction.
According to the market chart, SHIB is presently testing the 200-day moving average, which has historically been a crucial long-term indicator. It has also recently broken above a zone of consolidation that lasted for several months. Strong RSI momentum, which is currently approaching overbought territory, and increasing volume support the breakout. This shows excitement, but it also raises the possibility of temporary fatigue in the event that follow-through purchases slow down.
Crucially, the current configuration of SHIB is consistent with an accumulation breakout found in textbooks. Following months of narrow range trading and decreasing volatility, the price is currently above the 50, 100 and 200 key moving averages, and all of the major MAs are lining up in a bullish crossover pattern.
If SHIB can maintain its position above $0.0000145, this structural alignment frequently paves the way for additional upside. As a historically reactive resistance area, the immediate price zone to watch is between $0.000015 and $0.000016.
A move toward $0.0000172 and higher could be facilitated by a solid close above this level, which would be bolstered by ongoing whale activity and increasing retail participation. If these gains are not maintained, SHIB may retest the $0.000013 support zone.
Vladislav Sopov
U.Today Editorial Team