Shiba Inu (SHIB) is currently displaying promising upward movements after experiencing weeks of stagnant trading within the cryptocurrency market. The formation of a “golden cross” on the hourly chart, where the 50-day moving average surpasses the 200-day moving average, has caught the attention of market enthusiasts. This technical pattern is often regarded as a signal for potential bullish trends, and increasing trading volumes suggest a renewed interest in SHIB.
What Changes Are Emerging in SHIB’s Metrics?
SHIB has witnessed a surge in trading activity, indicating growing investor curiosity. This notable increase is considered a precursor to possible large-scale price movements, as meme coins like Shiba Inu tend to benefit from heightened market activity. The increase in volume could be a crucial factor for future upward trends in SHIB’s value.
Web3 researcher bigRado has noticed signs of recovery in Shiba Inu’s performance.
“Notably, significant investors or ‘whales’ have acquired approximately 10.4 trillion SHIB coins, amounting to roughly 110 million USD,” he noted.
These major purchases occurred just after SHIB’s value hit a 16-month low, indicating strategic buying patterns among large investors.
Is SHIB Ready to Overcome Resistance?
Last week, SHIB’s price climbed by 11%, showing resilience in the face of market challenges. Technical patterns suggest more gains could be on the horizon, provided the current upward momentum persists. The coin managed to approach the 0.00001198 USD mark but shortly dropped below this threshold and is now testing a critical resistance area between 0.00001180 and 0.00001185 USD.
Maintaining a position above 0.00001190 USD could lead to a swift ascent towards 0.00001220 USD. Nevertheless, potential drawbacks must be considered, as SHIB may find itself backtracking to support levels around 0.00001145 USD. Sellers could target the subsequent level at 0.00001140 USD, emphasizing the importance of strategic monitoring.
– The “golden cross” on SHIB’s chart could forecast a strong upward trend.
– Recent trades saw major investors accumulate approximately 10.4 trillion SHIB coins.
– SHIB’s price needs to maintain above 0.00001190 USD to aim for a higher target of 0.00001220 USD.
As Shiba Inu shows signs of recovery, its market trends warrant attention from both current investors and potential newcomers. The next weeks will be crucial in determining whether SHIB can sustain this newfound momentum and break past crucial resistance levels.
