Bitcoin’s $70,000 breakthrough has sparked buying momentum across various altcoins, positively impacting the meme coin sector. Amidst this bullish sentiment, Shiba Inu (SHIB) has witnessed a robust recovery, further boosted by a crucial on-chain metric indicating growing buying pressure.
Recent data from IntoTheBlock, a blockchain analytics platform, reveals that Shiba Inu has seen a considerable increase in transactions by whales.
The transaction values have surged from $44.2 million to over $141.7 million, suggesting a growing demand among significant investors. This trend is likely to position the SHIB price on a stable bullish path in the short term, as the buying pressure continues to mount.
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Whales Take Interest in Shiba Inu
Shiba Inu has noticed a significant increase in whale transactions, suggesting a growing interest from large investors in the meme coin. Whales, who hold significant amounts of cryptocurrency, often have the power to influence market trends and drive price action.
The surge in transaction values from $44.2 million to beyond $141.7 million demonstrates a strong appetite among these influential investors. As more whales enter the market and accumulate SHIB, it could create a positive feedback loop, attracting even more buyers and further fueling the bullish momentum.
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Shiba Inu Price Analysis
Shiba Inu’s price has shown promising signs, rising above its 20-day Exponential Moving Average (EMA) of $0.0000287, which indicates bullish momentum. However, the meme coin has encountered strong resistance at the $0.00003 level. At the time of writing, the SHIB price stands at $0.00003106, representing an increase of over 7% from the previous day.
Should the bullish momentum persist, the next significant resistance level at $0.000035 could come into play.
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On the other hand, if the price fails to sustain above the EMA20 and falls below the 50-day Simple Moving Average (SMA), it could signal a more significant retracement. In this scenario, SHIB could potentially retrace to the $0.000025 level.
As the overall market sentiment remains bullish, it could provide a supportive environment for Shiba Inu to continue its upward trajectory. However, it is essential to note that the cryptocurrency market is known for its volatility, and sudden shifts in sentiment can occur rapidly.