Shiba Inu Nears Key Resistance Levels Amid Whale Activity

Key Moving Averages in Focus as SHIB Shows Signs of Potential Breakout

Shiba Inu (SHIB) is approaching key resistance levels that could dictate its next price direction. Currently trading around $0.00002379, SHIB has been consolidating within a descending triangle, but recent movements suggest a possible breakout. The 26-day Exponential Moving Average (EMA), situated around $0.00002385, is the immediate resistance level. If SHIB surpasses this mark, the next target would be the 50-day EMA, approximately at $0.00002527.

Volume analysis indicates heightened trading activity, with significant buying pressure during recent dips. This accumulation at lower prices suggests investors are positioning for a potential breakout. The Relative Strength Index (RSI) hovers around 45, indicating SHIB is neither overbought nor oversold, thus having room for upward movement.

On-chain metrics provide additional insights. There has been a notable increase in large transactions over the past month, peaking at 280 transactions on May 13, with a volume of 9.6 trillion SHIB. In the last 24 hours alone, 206 large transactions totaling 3.88 trillion SHIB were recorded, signaling strong interest and engagement from large holders.

This high volume of transactions is a positive indicator, suggesting that if this trend continues, it could provide the necessary momentum for a breakthrough in SHIB’s price. Given the current market conditions and on-chain data, there is a strong possibility that SHIB could experience a breakout in the next 24 hours. The critical levels to monitor are the 26-day and 50-day EMAs. Closing above these resistance levels with substantial volume could signal a trend reversal and initiate new upward movement for SHIB.