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Shib Inu (SHIB) Price: Prepares for Breakout as Whale Activity and Token Burns Drive 14% Price Rally
The price of Shib Inu (SHIB), a popular memecoin, has experienced a significant 14% upswing in recent market activity. This surge is largely attributed to the combination of whale activity and token burns.
Over the past few days, substantial whale transactions have been observed on the SHIB blockchain. These large-scale purchases have undoubtedly played a crucial role in boosting the asset’s value. However, it’s essential to note that this increase should not be solely attributed to whale action, as other factors such as token burns also contributed to the growth.
The data suggests that Shib Inu (SHIB) has entered a precarious situation, with the current price trading near critical support at $0.000021. As per technical analysis, bears are currently challenging this zone, which could result in further downward pressure if not supported by strong buying activity.
It is noteworthy that the daily timeframe showcases SHIB trading below the Bollinger Bands midline at $0.00002242, indicating bearish momentum has weakened. Furthermore, the Relative Strength Index (RSI) reading of 45.52 suggests the market’s overall strength has decreased. This shift could potentially lead to a stabilization in price levels.
To initiate a breakout, SHIB would need to surpass the immediate resistance at $0.00002485. If this hurdle is overcome, additional buyers may enter the market, driving prices higher. Conversely, failure to break above this threshold would likely result in further downward pressure.
For Shib Inu (SHIB) holders and traders alike, the token’s current position near its all-time high of $0.00008845 may be cause for concern. As competitors continue to emerge and capture market attention, sustaining SHIB’s present activity level seems uncertain.
Despite this uncertainty, it is essential to emphasize that the asset still maintains an active presence from bullish participants, with transactions worth approximately $3.4 million recently observed on the IntoTheBlock platform.
Source: blockonomi.com
