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Shiba Inu is approaching key resistance levels that could determine its next price movement. The 26-day EMA, followed by the 50-day EMA, are the main targets for SHIB's price in the foreseeable future.
SHIB is currently trading around $0.00002379. The price has been consolidating within a descending triangle. However, recent price action suggests a breakout. The 26-day EMA, around $0.00002385, is the first resistance level for SHIB. If it manages to break this level, the next target would be the 50-day EMA, currently at approximately $0.00002527.
Volume analysis shows increased trading activity, with significant buying pressure observed during recent dips. This suggests that investors are accumulating SHIB at lower prices, which could support a potential breakout. The Relative Strength Index is around 45, indicating that SHIB is neither overbought nor oversold, showing room for upward movement.
Examining on-chain metrics, the number of large transactions and their volume offer additional insights. Over the past month, there has been a notable increase in large transactions, peaking at 280 transactions on May 13. The volume of these transactions reached a high of 9.6 trillion SHIB on the same day, highlighting substantial whale activity.
Gamza KhanzadaevThe charts reveal that in the last 24 hours, 206 large transactions totaling 3.88 trillion SHIB were recorded. This high volume of transactions is a positive sign, indicating strong interest and engagement from large holders. If this trend continues, it could provide the necessary momentum for a breakthrough in SHIB’s price.
Considering current market conditions and on-chain data, there is a strong possibility that SHIB could experience a breakout in the next 24 hours. The key levels to watch are the 26-day and 50-day EMAs. If SHIB manages to close above these resistance levels with substantial volume, it could signal a trend reversal and initiate new upward movement.
Alex Dovbnya
