As bulls and bears battle it out, the Shiba Inu price has reverted to an extremely narrow trading range. With the formation of what seems to be a Doji pattern on its chart during the past three days, SHIB has traded in a constrained range.
A Doji candlestick represents market indecision, as buying and selling actions conflict with one another for a set period of time.
It may be a sign of hesitation on the part of bulls and bears when there is a tight consolidation following a sideways movement in a small range. Eventually, one of the bulls or the bears wins out, and the price moves out of consolidation and begins to trend.
The daily chart’s flattened moving averages and the RSI’s proximity to the 50-point midline point indicate that supply and demand are in balance. If the bulls raise the price over $0.0000077, the odds may be on their side. The price of SHIB may then surpass the ceiling around $0.00000849.
On the other side, if the price drops below the intermediate support around $0.00000735, the odds may shift in favour of the bears, and SHIB may drop to the critical support region of $0.000007.
A breach below this area can accelerate selling and spark a new downward trend with the $0.000006 level as its potential target.
SHIB was worth $0.00000752 at the time of writing, a small gain over the previous day.
SHIB large transactions surge 293%
Shiba Inu whales, or huge holders, are waking up, as seen by the tremendous 293% increase in major transaction volume over the past 24 hours.
The entire quantity of transactions made by whales on a particular day is indicated by the IntoTheBlock Large Transactions Volume Indicator.
A huge whale, who is reportedly the highest holder with 101.47 trillion SHIB worth $756 million and 10.15 percent of the entire supply, is said to have transferred four trillion SHIB worth $29.8 million to eight new addresses today, according to Lookonchain. It should be noted that the whale hasn’t made any sizable transactions in 610 days.
