- Shiba Inu (SHIB) has recently experienced a dynamic price surge, surpassing key technical indicators.
- A notable whale transaction has drawn attention to SHIB, indicating a potential ongoing accumulation trend.
- The price rise must overcome significant resistance levels to sustain its bullish momentum.
Shiba Inu price analysis: Will SHIB’s current rally sustain past $0.00003? Discover insights and market updates here.
Early Whale Activity Signals Strong Shiba Inu Accumulation
In a significant move within the cryptocurrency market, an early Shiba Inu whale has resurfaced, initiating substantial purchases after a notable period of dormancy. This whale, who initially received 167 billion SHIB back in April 2021, has now procured an additional 323 billion SHIB coins within a short span.
Details of Whale Transactions
According to blockchain monitoring service Spot on Chain, the whale acquired approximately 149.3 billion SHIB by converting around 1,000 wrapped Ethereum (WETH) valued at $3.83 million. This activity continued, culminating in the acquisition of an additional 173 billion SHIB. By the end of these transactions, the whale had exchanged 2,188 WETH for an impressive 323 billion SHIB, totaling $8.29 million.
As of the latest reports, this whale has retained the full balance of 323 billion SHIB without any subsequent sales or transfers, indicating a significant vote of confidence in the potential rise of Shiba Inu.
SHIB Price Crosses the 50-Day EMA
At the time of writing, Shiba Inu (SHIB) is trading at approximately $0.00002616, reflecting an uptick of 9.53% within the last 24 hours, and its market capitalization stands at over $15.4 billion. The daily trading volumes have also surged by 16%, exceeding $763 million, supporting the upward price momentum.
Notably, SHIB has successfully crossed the crucial 50-day Exponential Moving Average (EMA) at the $0.000025 level. However, to solidify and maintain this uptrend, SHIB must conquer the significant resistance at $0.00003. Failure to do so could see the price dip below the 50-day EMA again.
Challenges at the $0.00003 Resistance Level
Overcoming the $0.00003 resistance level poses a challenge due to substantial selling pressure from holders who acquired SHIB between $0.000025 and $0.00003. Data from IntoTheBlock indicates that around 124,220 addresses are holding 92.2 trillion SHIB tokens within this price range, creating a significant sell wall that may prevent a decisive breakout.
For Shiba Inu to successfully breach this resistance level, there must be a resurgence in whale accumulation or a substantial rally within the broader cryptocurrency market to counteract the selling pressure.
Conclusion
Shiba Inu’s recent price action and whale activities suggest a growing interest and potential for further price gains. However, the key challenge remains crossing and maintaining levels above the $0.00003 mark. Investors should monitor whale activities and key resistance levels closely to gauge future price movements. Overall, while the current uptrend is promising, caution is advised due to the looming resistance and selling pressures.
