- Shiba Inu (SHIB) is nearing crucial resistance levels that could dictate its next price movement.
- The 26-day EMA and the 50-day EMA are the primary targets for SHIB’s price in the near future.
- Increased trading activity and significant buying pressure during recent dips suggest that investors are accumulating SHIB at lower prices, potentially supporting a breakout.
Shiba Inu (SHIB) is approaching key resistance levels, with the 26-day and 50-day EMAs in focus. Increased trading activity and buying pressure suggest potential for a price breakout.
SHIB Approaches Key Resistance Levels
Currently, SHIB is trading around $0.00002379, consolidating within a descending triangle. However, recent price action hints at a possible breakout. The first resistance level for SHIB is the 26-day EMA, around $0.00002385. If it breaks this level, the next target would be the 50-day EMA, currently at approximately $0.00002527.
Increased Trading Activity and Buying Pressure
Volume analysis reveals increased trading activity, with significant buying pressure observed during recent dips. This suggests that investors are accumulating SHIB at lower prices, which could support a potential breakout. The Relative Strength Index is around 45, indicating that SHIB is neither overbought nor oversold, showing room for upward movement.
On-Chain Metrics and Whale Activity
On-chain metrics, such as the number of large transactions and their volume, offer additional insights. Over the past month, there has been a notable increase in large transactions, peaking at 280 transactions on May 13. The volume of these transactions reached a high of 9.6 trillion SHIB on the same day, highlighting substantial whale activity. In the last 24 hours, 206 large transactions totaling 3.88 trillion SHIB were recorded. This high volume of transactions is a positive sign, indicating strong interest and engagement from large holders.
Conclusion
Considering current market conditions and on-chain data, there is a strong possibility that SHIB could experience a breakout in the next 24 hours. The key levels to watch are the 26-day and 50-day EMAs. If SHIB manages to close above these resistance levels with substantial volume, it could signal a trend reversal and initiate new upward movement.
