Shiba Inu (SHIB) is on the rise as recent on-chain data analyzes a massive rise in whale activity in a significant development for the popular meme coin. Since past 24 hours, more than three trillion SHIB tokens were being moved by major transactions.
It has become historically, when whales mass movements in whale activity, occur, this spikes, all right, in whale activity are seen as precursors to massive price movement in the market.
Shiba Inu Faces Key Resistance
The latest data reveals SHIB whales prepare to reverse its trend. That is, it seems like these big players are back in accumulating mode after a hiatus of sorts, with 165 large transactions all in a single day for 3.02 trillion SHIB tokens.
The whales’ renewed interest could add to buying pressure, which has typically pushed the asset higher. As of now, resistance to the fall of Shiba Inu lies around the $0.00001800 mark. Whale activity remains in full force if whale activity continues at this pace, and a breakout is not far off, which could see the token test higher resistance levels.
As a crucial breakout zone of $0.00002000 the market analysts are keeping their eyes on it to see if there is actually a breakout. If SHIB manages to surpass this level, it can trigger an overall market rally and perhaps even the beginning of a further uptick in the crypto’s price.
Unfortunately, it’s crucial support for SHIB at $0.00001500. However, if the token fails to break above resistance and starts retracing, support at this level will be key for continued momentum to the upside.
Lastly, the rash of whale activity moving over three trillion SHIB tokens in one day indicate that there’s a reawakening of old holders. If Shiba Inu has enough buying pressure on it, it could see itself within range of a big bump up in price, breaking through important levels of resistance and setting the stage for a bigger push.
