SHIB Rises 290% In Important Whale Metric
According to data from IntoTheBlock, there has been a rise in the volume of large transactions involving the Shiba Inu token.
The last 24 hours have seen large transactions’ volume rise by 290%, as they increased from 1.23 trillion SHIB to 3.57 trillion SHIB.
The increase
As far as dollar terms are concerned, this increase saw transactions spike to $91.04 million from $29.93 million.
In total, the last 24 hours saw the number of whale transactions reach 268. It should be noted that only transactions that are valued at $100,000 or higher are considered for this metric.
Meanwhile, the price action of the second-largest meme token in the same duration has also been attention-grabbing.
The last 24 hours saw the price of Shiba Inu record an increase of 4.89%. However, it has dropped 3% since then due to concerns about Mt. Gox fulfilling its Bitcoin obligations.
The price of the Shiba Inu token has now reached an interesting position. Every successful daily candle is now reducing in size in terms of bottoms and tops.
This seems like a bullish accumulation. However, it is essential to be vigilant because when it gets close to a key resistance level, it could become a trap.
The consolidation phase
The price of the meme token has remained below $0.000027 since mid-April. A few times, it tested the range high, but the resistance has proven to be a big hurdle for more upside.
This is because it has doubled as a bearish block. The only way for Shiba Inu bulls to see more upside is if they manage to bypass this obstacle.
It will happen if there is a prominent daily candlestick close above 50% Fib level.
The technical indicators
However, the Relative Strength Index (RSI) is neutral and it shows that the strong buying pressure required for an upside is not in place as yet.
This means that the Shiba Inu token may remain stuck for a while. Mixed signals on the futures market as well as on-chain metrics may confirm the market indecision and neutral scenario.
Data from CoinGlass shows that there has been an increase in the Open Interest (OI) of the Shiba Inu token to $90 million.
This shows that the futures market has seen a rise in bullish sentiment. But, the on-chain data indicates the opposite.
There was a spike in the Supply on Exchanges, This points to a rise in sell pressure for the meme token. This is because more Shiba Inu tokens have been moved to exchanges, likely for selling.
Furthermore, there was also a decline in sentiment, which shows that the market has a negative attitude towards the price prospects of the Dogecoin rival.
There has not been a rise in network traction either. But, it is still possible for SHIB to extend its price range.
This would provide the meme token enough momentum required for a potential breakout. If that happens, SHIB traders would be able to exploit the range’s lows and highs for re-entry and profit-taking.
