Shiba Inu (SHIB), a cryptocurrency with a dog motif, has witnessed a sudden surge in high transaction volumes; in the past day alone, $123.18 million, or 6.47 trillion SHIB tokens, were exchanged.
This indicates increasing activity by major SHIB holders, sometimes known as whales, since data from IntoTheBlock shows a 150.47% spike in large transactions.
The price of SHIB has responded moderately to the increasing whale activity. As of this writing, SHIB has increased by 1.60% in the last day to $0.0000193, suggesting a marginally favourable reaction to the spike in big transactions. SHIB is up 11% on a weekly basis, which is indicative of the general positive sentiment in the cryptocurrency market.
In reaction to the Federal Reserve’s rate decrease, the cryptocurrency market saw a surge on Friday, with Bitcoin (BTC) breaking $77,000 for the first time.
Before bulls started to consolidate, Shiba Inu soared for three consecutive days starting on November 5. The upcoming pricing trend for Shiba Inus is being watched.
What’s next for Shiba Inu price?
Shiba Inu approached the $0.000020 above resistance on November 6th, but the bulls were unable to overcome it.
The fact that the bulls have not ceded ground to the bears is a positive indication. The likelihood of an upward breakthrough may rise as a result. Shiba Inu might rise to $0.000026 and then $0.000029 if a bullish inverted H&S pattern is completed with a closing above $0.000020.
After trying a breakout over $0.00001987 on Nov. 6, Shiba Inu has stabilised in the last three days between $0.00001832 and $0.00001977, staying above its daily moving averages of 50 and 200 at $0.00001766 and $0.00001829, respectively.
To decrease the bullish momentum, bears may need to drop the price of SHIB below the daily moving averages. This might lead to SHIB falling below $0.000016, which is expected to draw buyers.
Positively, the Shiba Inu ecosystem has suggested turning a U.S. city into a worldwide hub for blockchain technology and sustainable development by creating a Strategic Hub for Innovation and Blockchain (S.H.I.B.).
