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Dog-themed cryptocurrency Shiba Inu (SHIB) has recently seen an increase in large transaction volumes, with a total of 6.47 trillion SHIB tokens or $123.18 million being transacted in the last 24 hours.
According to data from IntoTheBlock, this represents a 150.47% increase in large transactions, indicating increased activity among large SHIB holders otherwise referred to as whales.
Despite the increased whale activity, SHIB's price has reacted modestly. At the time of writing, SHIB is up 1.60% over the past 24 hours to $0.0000193, indicating a slight positive response to the surge in large transactions. Weekly, SHIB is up 11%, reflecting the broader bullish momentum in the crypto market.
Tomiwabold OlajideBitcoin (BTC) topped $77,000 for the first time on Friday, sparking a rally in the cryptocurrency market in response to the Federal Reserve's rate cut.
Shiba Inu surged for three days in a row beginning Nov. 5 before bulls entered into consolidation. Eyes are on where Shiba Inu price trends next.
What's next for Shiba Inu price?
On Nov. 6, Shiba Inu came close to the overhead resistance of $0.000020, but the bulls were unable to clear it.
An encouraging sign is that the bulls have not given up ground to the bears. This might increase the chances of an upside breakout. A close over $0.000020 would complete a bullish inverted H&S pattern, which might propel Shiba Inu to $0.000026 and then $0.000029.
Shiba Inu has consolidated in a range of $0.00001832 to $0.00001977 in the previous three days after attempting a breakout past $0.00001987 on Nov. 6, while remaining above its daily moving averages of 50 and 200 at $0.00001766 and $0.00001829, respectively.
Bears might need to push the SHIB price below the daily moving averages to weaken the bullish momentum, which might cause SHIB to fall under $0.000016, which is predicted to attract buyers.
In positive news, the Shiba Inu ecosystem has proposed establishing a Strategic Hub for Innovation and Blockchain (S.H.I.B.) in a U.S. city, to transform it into a global center for blockchain technology and sustainable development.
Dan Burgin
Alex Dovbnya