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With a 2.7 trillion SHIB volume registered in the last 24 hours, Shiba Inu may be preparing for a resurgence following a notable uptick in on-chain activity. Considering the present technical and on-chain indicators, this spike potentially signals a turnaround in the token's price action and suggests a growing interest in it.
Technically speaking, as can be seen on the chart, Shiba Inu is presently consolidating within a symmetrical triangle pattern. Given that the asset has been trading near important support levels, traders are likely keeping a close eye out for any indication of a breakout. Important resistance levels could be broken by SHIB, which could have a major impact on its price trajectory.
Three significant resistance levels to keep an eye on: If SHIB succeed in breaking above $0.000018, it may ignite a rally that draws in more buying pressure. SHIB may soon test higher levels if there is a persistent break above. A significant bullish reversal would probably be indicated by a move above the $0.000022 resistance level. Higher highs could be reached as a result, extending the token's rally. SHIB could test its earlier-year highs if a breakthrough at the $0.000025 level confirms a full recovery.
With 118 large SHIB transactions occurring over the previous 24 hours, the on-chain data also reveals a consistent amount of large transactions. Together with the increase in big transaction volumes (2.71 trillion SHIB), this suggests that major players might be preparing for a possible move. The price of Shiba Inu is currently hovering around its lower support levels, and rising transaction volume, along with technical consolidation, could be early indicators of an imminent breakout. SHIB may experience a notable market rebound if bulls seize the initiative and drive the price through these pivotal levels.