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Dog-Themed Cryptocurrency Shiba Inu (SHIB) has recently seen a surge in large trading volumes, with a total of 6.47 trillion SHIB tokens, or $123.18 million, traded in the last 24 hours.
According to data from IntoTheBlock, this represents a 150.47% increase in large transactions, indicating increased activity among large SHIB holders, otherwise known as whales.
Despite increased whale activity, SHIB price responded modestly. At the time of writing, SHIB is up 1.60% over the past 24 hours at $0.0000193, indicating a slight positive response to the increase in large transactions. On a weekly basis, SHIB is up 11%, reflecting the broader bullish momentum in the crypto market.
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Shiba Inu surged for three consecutive days starting November 5 before the bulls entered consolidation. Eyes are on the next Shiba Inu price trend.
What’s Next for Shiba Inu Price?
On November 6, Shiba Inu approached the overhead resistance of $0.000020, but the bulls were unable to breach it.
An encouraging sign is that the bulls have not lost ground to the bears. This could increase the chances of a bullish breakout. A close above $0.000020 would complete a bullish inverse H&S pattern, which could propel Shiba Inu to $0.000026 and then to $0.000029.
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Shiba Inu has consolidated within a range of $0.00001832 to $0.00001977 over the previous three days after attempting to break above $0.00001987 on November 6, while remaining above its daily moving averages of 50 and 200 to $0.00001766 and $0.00001829, respectively.
The bears may have to push the SHIB Price below the daily moving averages to weaken the bullish momentum, which could cause SHIB to fall below $0.000016, which should attract buyers.
Good news: The Shiba Inu ecosystem has proposed establishing a Strategic Center for Innovation and Blockchain (SHIB) in a US city, to transform it into a global center for blockchain technology and sustainability.