Tokens for Shiba Inus have been moving in enormous quantities. 765 billion SHIB tokens have been observed moving amongst major market players in the previous day.
Since the majority of these SHIB tokens are being moved to exchanges like Coinbase, it’s likely that the holders are preparing to sell. The last thing SHIB needs right now is a significant spike in price, which may occur if a lot of tokens are being transferred to be sold.
Large sums of money, ranging from around 45 billion to over 123 billion SHIB, may be seen ending up in the hands of well-known trading applications and platforms when we examine the comprehensive transaction history.
Technically speaking, a recognisable triangular pattern is beginning to appear. In other words, the price has been oscillating between higher lows and lower highs and has reached a breaking point. Consider it analogous to a coil spring that is prepared to launch itself in any direction.
The graph indicates two critical price points to watch: $0.000019, which appears to represent the price’s resistance, and $0.000029, which is the price where the price struggles. As of right now, SHIB is trading above the important moving averages, which may be encouraging for token holders.
For the time being, the price may go towards the lower support level if the trend continues to exhibit signals of selling. Conversely, should SHIB break out above the triangular formation, the price may increase and reach new highs.
Shiba Inus’ volatility may rise in tandem with an increase in whale and big trading activity. It’s possible that a protracted recovery is imminent for the market, and that the spike in Shiba Inu transactions is a sign of impending positive reversal for the cryptocurrency.
