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Based on on-chain data showing an increase in whale activity, Shiba Inu looks to be close to a possible recovery. More than three trillion tokens were transferred through major transactions on SHIB in the last day, which represents a notable increase in volume. Whale activity spikes like this one are unusual because they frequently occur before big changes in market prices.Â
The increase in significant transaction volume may indicate that whales, or large holders, of SHIB are getting ready for a possible price reversal despite their recent relative quiet. There is evidence that major players are beginning to accumulate again, as seen by the 165 large transactions that were recorded in the last day with a total volume of 3.02 trillion SHIB.
Whales have a tendency to build up SHIB, which increases buying pressure and drives the asset higher. This has occurred historically. SHIB may break through significant resistance levels if this whale activity persists, which could trigger a more extensive retracement that could push the price back toward recent highs.Â
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Resistance is currently present for SHIB around the $0.00001800 level. If whale activity continues, it will be important to see if a larger market rally will occur at this price. If this level is broken above, it will be an indication that there is sufficient buying pressure to drive SHIB higher. A significant breakout zone is $0.00002000.Â
An important breakout zone is represented by the next critical level of $0.00002000. It would indicate the beginning of a more significant rally if SHIB could break through this level. This scenario may come to pass, especially if major players keep piling up, as indicated by the recent spike in whale activity.
A crucial support is found at $0.00001500 on the down side. Sustaining the current uptrend would depend on SHIB holding this level if it fails to break through the resistance and starts to retrace. In conclusion, with over three trillion tokens moved in a single day, the recent whale activity on Shiba Inu suggests that significant holders are starting to reawaken. If the buying pressure persists, this could act as a basis for a more significant price retracement.
