Shiba Inu to Overcome Resistance: Key EMAs Signal Bullish Potential

July 1, 2024 at 02:55 AM GST updated: July 1, 2024 at 01:19 AM 2 mins read News

The recent on-chain activity for SHIB shows a resurgence in whale transactions, indicating renewed interest among major holders.
SHIB saw a significant transaction volume of 947.8 billion tokens in a day, marking a notable recovery from recent lows.
Despite increased activity, SHIB’s price remains stable, reflecting cautious market sentiment and a struggle to sustain upward momentum.

In order to signal a shift towards a bullish trend, Shiba Inu (SHIB) faces a critical challenge in surpassing resistance levels marked by its 26-day, 50-day, and 200-day EMAs.

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Recent developments in SHIB’s on-chain activity suggest a resurgence in whale transactions, a pivotal indicator for market sentiment. Following a notable decrease in large-scale transfers post the June 29 peak, the latest uptick of 47 significant transactions signifies renewed engagement among major holders.

Notably, SHIB saw a substantial transaction volume of 947.8 billion tokens in a single day, a significant recovery from the recent low of 6.24 trillion SHIB moved on June 24. This resurgence suggests that whales are re-entering the market with heightened interest, potentially influencing SHIB’s price trajectory.

Despite the increased on-chain activity, SHIB’s current price remains relatively stable at around $0.00001709. The cryptocurrency continues to grapple with maintaining upward momentum amidst a market sentiment split between bulls and bears. As indicated by the Bulls and Bears indicator, there’s a balanced struggle between buyers and sellers, tilting slightly towards caution and bearish sentiment.

As market observers track SHIB’s movement closely, the challenge lies in whether the cryptocurrency can break through its critical resistance levels set by the EMAs. This technical hurdle stands as a pivotal juncture for SHIB’s potential to shift towards a bullish trend, influenced in part by the evolving behavior of large-scale holders in the cryptocurrency market.