One of the significant advances has been recorded high big transaction counts, as over 4.1 trillion Shiba Inu have been exchanged in the last 24 hours. This surge bring cryptocurrency trading volume close to the level seen in the previous seven days, attracting the attention of analysts.
Such a sharp increase in highly valuable transactions has been attributed to an increase in the attention that large holders more collectively known as ‘whales’ are paying to the cryptocurrency. These whales have the ability to affect price fluctuations greatly thus further fueling debate on Shiba Inu prospects.
Such shifts in the on-chain volume, as are demonstrated in the case of Shiba Inu at the moment, always draw the interest of the market participants. Many such movements imply that traders are calculating for a change of direction, either up or down, in value.
Shiba Inu Breakout Potential
Moreover, from the graphical representation in terms of price, SHIB’s price is actually forming a symmetrical triangle technically. This formation, which epitomizes a fading up move and is normally associated with diminishing volatility is usually followed by a breakout in either direction.
As the asset ascends to the apex of the triangle pattern, the trading volume recedes, which much has given a perception that the price is due for a large reversal. The pattern really doesn’t have a directional bias in itself but the concentration of the large transactions in recent days may signal a bullish breakout.
Should this happen, this new level could push SHIB above critical resistance levels at around $0.000018, thereby creating a much healthier upward trajectory. In the same regard, a bearish breakdown can drag the price below the chart’s support region to $0.000016 or even lower.
Merchants and buyers are recommended to pay attention to both technical signals and on-chain statistics. It is worth noting that virtually all KPIs depend on the overall market situation, with special emphasis on Bitcoin and other key assets that have an impact on the value of SHIB.
The sustained buying activity of investors with large quantities of LTC may serve as the content which may be necessary for the LTC to achieve a sustainable growth in its price, whereas lack of such a trend may become a major impediment in LTC’s ability to sustain the observed prices.
Of course, the world of cryptocurrencies is highly unpredictable at all times, and devoted fans of Shiba Inu are observing further developments closely.
