u.today
With 2.65 trillion $SHIB moved in the last 24 hours, Shiba Inu has seen a notable increase in large transactions. The volume of large transactions has recovered noticeably, approaching the seven-day high of 3.52 trillion $SHIB.
$SHIB might soon surpass its seven-day high if the current trend holds, further enhancing its recovery from the recent decline. $SHIB has experienced pressure, as evidenced by the on-chain data, which is reflected in both its price and transaction volume. But the recent spike in the volume of large transactions points to a rebound that might provide more momentum.
This is further reinforced by the fact that, in the last 24 hours, the total amount of transactions in USD has reached $35.9 million is a positive indication of rising interest and liquidity returning to $SHIB. By examining the price chart, we can observe that $SHIB has been trading near the $0.000013 level, indicating a struggle to find stable ground.
The asset is still below its major moving averages, the 50, 100 and 200 EMA, which may serve as short-term resistance levels. But if strong buying pressure continues, the increasing transaction volume might help $SHIB break through these barriers and possibly see a price recovery.
Overcoming $0.000017 would be a crucial milestone for $SHIB in its comeback. This level and higher transaction volume would support a reversal of the recent downward trend on $SHIB. However, if significant holders keep adding to their holdings, this may indicate that $SHIB is starting to regain some of the momentum it lost earlier in the year.
Generally speaking, the large transactional volume is a great sign for investors, but we should not ignore relevant market conditions like the outflow of institutional investors and the generally suppressed sentiment.