Shiba Inu (SHIB), a popular altcoin, has recently seen a significant increase in transaction value, indicating a notable recovery after a period of decline. At the time of writing, SHIB’s price has risen by 3.12% in the last 24 hours to $0.000009361, with its market cap increasing by 3.09% to $5.53 billion. Additionally, trading activity around SHIB has surged, with a 24-hour transaction volume increase reaching $133 million.
SHIB’s price is moving upward, influenced by bullish market sentiment. Over the past week, the altcoin’s price fluctuated between $0.000009 and $0.000009502, highlighting the ongoing tug-of-war between bulls and bears, each vying to dominate SHIB’s value trajectory.
Recent data from IntoTheBlock shows a staggering 1173.58% increase in transactions over $100,000 in the last 24 hours, suggesting active movement of SHIB by large holders or “whales.” These significant transfers are creating a bullish trend in the altcoin market and reflect strong investor interest in Shiba Inu’s prospects.
If Shiba Inu breaks through the first resistance level at $0.00001, a potential price increase could be expected, potentially setting the stage for an upward trajectory toward $0.00003. However, any hesitation at the $0.00001 resistance could lead to a decline, with support levels around $0.000009 and a drop below $0.000008 possibly intensifying the downturn.
Technical indicators on the four-hour chart for SHIB are optimistic. The Moving Average Convergence Divergence (MACD) indicator on the daily chart signals an uptrend with its line above the signal line. The Awesome Oscillator’s positive value at 50.20 also reflects bullish market sentiment. Meanwhile, the Relative Strength Index (RSI) on the daily chart points to an uptrend above the 50 level, nearing the overbought threshold, and the 50-day Simple Moving Average (SMA) is trending upward alongside the 20-day SMA, reinforcing a short-term bullish feeling.