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Significant activity has been displayed by Shiba Inu, as evidenced by a spike in large transaction volume of 4.1 trillion SHIB over the last day, almost reaching its seven-day peak. The increase in significant transactions is frequently a sign of increased interest from larger holders, or whales, who may have a significant impact on future price movement.
Substantial changes in on-chain volume typically draw notice because they may indicate that market participants are lining up ahead of future moves, whether they be bullish or bearish. Based on the available information, the price of SHIB has been exhibiting a symmetrical triangle pattern, a technical configuration that typically results in a breakout in either direction when volatility decreases.
This is consistent with the pattern's usual behavior, which seems to be that as an asset gets closer to the triangle's tip, trading volume tends to decrease. This could portend an imminent breakout due to an increase in price volatility. The symmetrical triangle does not intrinsically favor one direction, even though the rise in large transactions may be seen as a bullish indication.
Alex DovbnyaA positive breakout might push SHIB above significant resistance levels like the $0.000018 mark, indicating a more robust bullish trend. A downside breakthough might force the price back to test the $0.000016 level or even lower. It is still crucial to keep a close eye on the technical pattern and the on-chain data, given the general sentiment of the market and SHIB's relationship to Bitcoin and other significant assets.
Large holders' continued accumulation might serve as fuel for a longer-term price rebound. On the other hand, SHIB might find it difficult to hold its current price if momentum wanes.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov
U.Today Editorial Team