Shiba Inu (SHIB) recorded a slight rise in large transactions, increasing by 5.32% in the last 24 hours. Data from IntoTheBlock shows that the total large transaction volume hit $268.71 million, equivalent to 11.04 trillion SHIB. Despite this increase, SHIB’s price showed only a minor gain of 1.89%, trading at $0.0000247.
Whale Activity Remains Cautious
Large transactions, typically involving amounts of $100,000 or more, often reflect whale activity. The 5.32% rise suggests cautious reengagement from these large holders. However, this moderate spike falls short of the more significant moves SHIB has seen in the past.
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Earlier this week, Shiba Inu’s price dipped as Bitcoin fell, prompting investors to secure profits from previous gains. Despite this, the overall crypto market has started to rebound, with SHIB among the assets trading in the green.
Price Recovery and Resistance Levels
Shiba Inu dropped from a high of $0.00002813 on November 24, facing declines over three consecutive days. However, buyers seized the opportunity to purchase during the dip. SHIB rebounded from a low of $0.00002334 and now trades at $0.0000247. If buyers maintain momentum, SHIB could test resistance levels at $0.00002813.
Source: CoinMarketCap
A sustained rally might push SHIB towards $0.00003044 and eventually to $0.000032. However, sellers are expected to defend these levels aggressively. If buyers overcome this resistance, SHIB could climb to $0.000045.
Related article: Massive 200 Billion SHIB Acquisition: Is Gemini Positioning for a Market Shift?
On the downside, the 50-day Simple Moving Average (SMA) at $0.00002087 serves as key support. A break below this level may trigger further declines to the 200-day SMA at $0.0000184 or even $0.000015.
While SHIB’s recent price movement remains modest, sustained buying could spark a new rally. Investors continue to monitor whale activity and broader market trends for signs of a stronger recovery.
