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In the past 24 hours, 6.71 trillion SHIB tokens have moved through the network, setting a new seven-day high for the volume of large transactions. This enormous increase in on-chain activity may be the first concrete indication of a more significant bullish shift that has been subtly developing in the background.
In terms of price, SHIB has successfully recovered from the 50 EMA, indicating that mid-range support is still in place. In upward-trending markets, the 50 EMA frequently serves as a launchpad and the recent recovery strengthens the bullish argument. Currently trading at about $0.0000135, SHIB is moving closer to the crucial resistance level of $0.0000140, which has been limiting upward movements for the previous two months.
It is evident that something is brewing beneath the surface as the chart indicates a tightening consolidation structure and volume is increasing, especially on the institutional side based on the large transaction metrics. The 50 EMA, which serves as support and the resistance at $0.0000140, are currently separating the price. The 200 EMA, which is close to $0.000016 and also a significant structural resistance level, could be reached quickly if there is a clear break above that zone.
This configuration is particularly powerful because of the contrast between price consolidation and increasing on-chain activity. Volatility explosions are frequently the outcome of volume expanding, while price compresses and the odds are currently in favor of the upside.
The market needs confirmation, though. Another retracement back toward the $0.0000125-$0.0000127 zone is probably in store if the price fails to break and hold above $0.0000140. There is now substantial historical demand and technical support for that level. A larger trend reversal for SHIB in Q2 may begin if momentum continues to build and the 200 EMA target is tagged. Right now, focus is on $0.0000140, which is the boundary between acceleration and hesitation.
U.Today Editorial Team
Dan Burgin
