More than 17 billion Shiba Inu tokens have been moved in the last seven days, while Shiba Inu has shown a notable increase in volatility. With the increase in on-chain activity, we might expect some sort of bullish movement in the coming week, but that is not the case. guaranteed.
More than 17 billion Shiba Inu tokens have been moved in the last seven days, while Shiba Inu has shown a notable increase in volatility. With the increase in on-chain activity, we might expect some sort of bullish movement in the coming week, but that is not the case. guaranteed.
Recently, Shiba Inu has seen an increase in transactions. It is well known for its active community and meme currency status. A staggering 17 billion SHIB tokens changed hands in the last week, exciting and confusing traders and analysts. There are a few possible reasons for this increase in activity.
This activity is usually sparked by speculation about possible new alliances and listings on major exchanges.
Announcements and rumors have a huge impact on how the market behaves and when investors position themselves for potential price movements, trading volumes increase. The Shiba Inu price has seen significant volatility according to chart analysis. Periodic testing of support and resistance levels suggests a consolidation phase. This behavior indicates that SHIB may be about to make an important decision at this crucial point.
Tomiwabold OlajideWe may see a noticeable trend up or down if the price breaks out of the current range. Another important set of indicators to consider are moving averages (MA). While the 200-day MA offers long-term trend direction, the 50-day MA has served as a support level. SHIB is now very close to these important levels.
If the 200-day moving average is still below the price, it may be a sign of bullish sentiment, but if it falls, it may indicate further declines in the foreseeable future. The data on large transactions also paints an intriguing picture.
The volume and number of large transactions increased dramatically, reaching a peak on June 5 of 161 trillion SHIB and 731 transactions. Based on this, major players may be positioning themselves for an upcoming increase in volatility.
