Shiba Inu is approaching key resistance levels that could determine its next price move. The 26-day EMA, followed by the 50-day EMA, are the main targets for SHIB price in the foreseeable future.
Shiba Inu is approaching key resistance levels that could determine its next price move. The 26-day EMA, followed by the 50-day EMA, are the main targets for SHIB price in the foreseeable future.
SHIB is currently trading around $0.00002379. The price has been consolidating within a descending triangle. However, the recent price action suggests a breakout. The 26-day EMA, around $0.00002385, is the first resistance level for SHIB. If it manages to break above this level, the next target would be the 50-day EMA, currently at approximately $0.00002527.
Volume analysis shows increased trading activity, with significant buying pressure seen during the recent declines. This suggests that investors are accumulating SHIB at lower prices, which could support a possible breakout. The relative strength index is around 45, indicating that SHIB is neither overbought nor oversold, showing room for an upward move.
Examining on-chain metrics, the number of large transactions and their volume provides additional insights. Over the past month, there has been a notable increase in large transactions, reaching a high of 280 transactions on May 13. The volume of these transactions peaked at 9.6 trillion SHIB on the same day, highlighting significant whale activity.
The charts reveal that 206 large transactions totaling 3.88 trillion SHIB were recorded in the last 24 hours. This high transaction volume is a positive sign, indicating great interest and commitment on the part of large holders. If this trend continues, it could provide the necessary momentum for an advance in SHIB price.
Considering the current market conditions and on-chain data, there is a strong possibility that SHIB will experience a breakout in the next 24 hours. The key levels to watch are the 26 and 50 day EMAs. If SHIB manages to close above these resistance levels with substantial volume, it could signal a trend reversal and start a new upward move.
