The recent sharp increase in Shiba Inu's transaction activity has become a significant event in the crypto market. Transaction volume reached 1.66 trillion SHIB in a day, which may herald changes in price dynamics.
SHIB Transaction Activity
Recently, SHIB's transaction volume has surged, reaching 1.66 trillion SHIB in a day. This sharp rise in activity may precede significant price fluctuations. Currently, the seven-day low was around 700 billion SHIB, while the seven-day high reached 3.54 trillion SHIB. The data indicates unusual accumulation and distribution patterns among holders, especially whales.
Technical Analysis and Current Price Levels
SHIB is currently trading around $0.0000118, attempting to recover the 26 EMA after a prolonged fall. Since mid-June, the price has been consolidating in a narrow range between $0.0000110 and $0.0000120. Historically, such periods of low volatility coupled with high transaction volumes have preceded breakout stages. However, SHIB remains trapped in stronger resistance zones, particularly in the $0.0000125-$0.0000130 range.
Outlook and Possible Scenarios
Given the current trends, significant volatility is anticipated. Should buying momentum increase, SHIB could potentially breach its short-term resistance levels, targeting values near $0.0000145 and beyond. Nonetheless, there is also a chance that this volume surge indicates a redistribution phase before a new selling season.
With rising transaction activity and a tightening price structure, SHIB stands on the brink of significant changes. Investors and traders should monitor the situation closely.
