- Shiba Inu’s whale activity surge suggests potential for significant price increase.
- Support level at 0.0000271 is critical for maintaining SHIB’s bullish momentum.
- Breaking resistance at 0.0000277 could trigger further upward movement for SHIB.
Shiba Inu ($SHIB) has exhibited positive signs regarding its recovery to the upside, with whale transactions rising drastically. In a nutshell, the token has noted an 850% rise in transactions involving whales as pointed out by an analyst, Whales HQ.
Upward Trend with Strong Support at 0.0000271
According to analyst $SHIB KNIGHT, the market is poised for a bullish continuation, especially if key support and resistance levels hold steady. The current trend for Shiba Inu is generally upward, supported by a steady white trendline.
The price trend on the bottom of the chart indicates that higher lows have been formed which means that buyers are continuously booking their entries at the higher levels. Hence, the level around 0.0000271 is a crucial support level.
As the price approaches this point, it bounces back upwards, suggesting strong buying interest at this level. If the price dips below this support, however, it could signal a potential reversal in the trend.
Resistance at 0.0000277: Breakout Could Propel SHIB Higher
While there isn’t a clearly defined resistance level on the chart, the price is currently nearing 0.0000277. This could become a short-term resistance zone. If Shiba Inu continues to rise and break through this level, it may signal further bullish movement.
The 0.0000277 level will be closely monitored by traders for signs of momentum. A successful breakout here could pave the way for a substantial price increase.
Short-Term Focus on Key Levels and Volatility
The analysis from $SHIB KNIGHT suggests that Shiba Inu could see continued upward movement if the support level holds. With a short-term timeframe in mind, traders are particularly focused on how the price behaves around these key levels.
As of press time, the live price of Shiba Inu stands at 0.000027, with a 24-hour trading volume of $649.8 million. This indicates significant market activity, reinforcing the possibility of a short-term breakout.