- With a huge transaction volume that surged to 4.29 trillion SHIB recently, Shiba Inu is hoping to use this to offset the recent decline in pricing.
As the bearish pressure lessens, a number of cryptocurrency assets look for a way to rise. Shiba Inu’s cryptocurrency is witnessing a noteworthy surge in whale transactions in all categories. Fascinatingly, there has been a sharp increase in big purchases at the same time as whale transactions.
SHIB Reports Higher Whale Purchases
It’s possible that SHIB wants to capitalize on this pattern to plan its own comeback. Shiba Inu reported an increase in transactions worth at least $100,000 on July 6, according to statistics from IntoTheBlock. With these trades, the daily high of 4.29 trillion SHIB was reached, the highest level in almost two weeks.
Although a concentration of whale transactions like this would suggest a spike in buying or selling activity, other information shows that the underlying trend was positive. Notably, on-chain data indicates that on July 6, bulls were able to purchase up to 4.24 trillion SHIB. A surplus of 48.67 billion tokens was demanded as a result of bears selling 4.18 trillion SHIB.
Furthermore, the Shiba Inu market has seen trading activity from 127 bears (investors who sold more than 1% of the 24-hour transaction volume) during the previous week. On the other hand, 133 bulls, or investors who purchased more than 1% of the 24-hour volume, have been registered by the market.
A decrease in Shiba Inu reserves on exchanges supports this heightened buying pressure. Surprisingly, the Shiba Inu exchange reserve stood at 146.231 trillion tokens on July 1. Since then, the amount has decreased to 143.714 trillion SHIB, meaning that in July, investors removed 2.517 trillion SHIB from exchanges.
Levels of Shiba Inus to Watch
Moreover, the bullish trend is reinforced by the MACD line’s crossover above the Signal line. Interestingly, this July 5 phenomena shows a shift in momentum from negative to positive. Shiba Inu has subsequently regained Fibonacci 0.236, which is currently at $0.00001650.
As of the reporting time, SHIB was trading at $0.00001660. The next target is the 38.2% Fibonacci retracement, which lines up with $0.00001897. This represents the final obstacle to a rebound of the $0.000019 price territory. More buying pressure might start a rally to Fibonacci 0.5 at $0.00002096 if Shiba Inu closes this region.
It’s interesting to note that a few of analysts believe Shiba Inu will ultimately recover to its $0.000045 yearly high. Last week, Crypto Sheriff forecasted that SHIB’s accumulation would eventually come to a halt and increase to $0.000045. A return of $0.000045 was also predicted by WebTrend Analytics.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
