Shiba Inu (SHIB) could be gearing up for a solid recovery as whales return to the network. Whales are moving large amounts of money between their wallets, The trending coin SHIB saw 1.56 trillion tokens traded in 24 hours. Shiba Inu is showing signs of improvement on several key metrics.
This could mean a big jump in activity or just a general bounce back after a quiet weekend.
Shiba Inu is currently trading at $0.00001738, which shows it’s stabilizing after a long period of decline. Recently, large transactions and overall trading volume have gone up, suggesting that big investors are becoming more active.
Source: CoinMarketCap
SHIB Faces Resistance Amid Rising Investor Interest
In the last 24 hours, there were 61 large transactions. On July 18, 2024, the number of transactions hit a seven-day high of 1.06%, but by July 21, 2024, it dropped to 30.
During this period, 1.56 trillion SHIB were traded. The highest amount traded in the past week was 50.84 trillion SHIB on July 18, while the lowest was 558.73 billion SHIB on July 21.
These signs suggest that interest in SHIB is growing, particularly among big investors. The increase in large transactions and overall trading volume might mean that whales are getting ready for upcoming price changes, which could lead to more price swings in the near future.
Source: TradingView
Shiba Inu is facing resistance from the 50 EMA and 100 EMA, which are acting as strong barriers to its price going up, according to the SHIB/USDT chart.
The 200 EMA, currently at $0.00001906, is also offering significant resistance. With the RSI at 46, the market is neutral but slightly leaning towards bearish. This suggests that while there is some buying interest, it’s not enough to push SHIB past these major resistance levels.
