CandleFocus SHIB’s Large Transactions Surge by 98%, Buy Sign or What?
2024-11-21
Author: Content Editor
Shiba Inu (SHIB), the second-largest meme coin, is seeing increased activity from whales and institutions, with a surge in large transactions and a significant decrease in exchange reserves. This indicates a bullish trend and the potential for an upcoming rally as retail investors may be attracted to the coin. Over 1.67 trillion SHIB worth $41 million has been withdrawn from exchanges in the past 24 hours, which in the past has resulted in a price gain of 62% for SHIB. However, despite these positive on-chain metrics, SHIB is currently struggling to gain traction and has seen a slight price decline. Technical analysis suggests that if SHIB can break out of its descending triangle pattern and surpass key resistance levels, there is potential for a rally of 13% and even 25%. The coin's technical indicators also indicate bullish momentum.
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