Are SHIB Resistance Levels Poised for a Breakthrough?
- SHIB recovers from a month-low, showing bullish sentiment.
- Large transactions surge 367%, indicating whale interest.
Shiba Inu (SHIB) is showing signs of recovery after hitting a month-low of $0.00001231 just four days ago. Currently trading at $0.00001346, SHIB has surged 2.51% in the past 24 hours, with trading volume increasing by 46%. Despite this recent uptick, the token is still down 4.13% over the past month, fueling a bullish sentiment among memecoin traders.
Significantly, SHIBs large transaction volumedefined as transactions exceeding $100,000has surged to nearly $45 million in the past 24 hours. This represents a remarkable 367% increase from the figure observed on September 9. Such a spike in large transactions often signals heightened interest from whales, which could inspire confidence among other investors and potentially drive prices higher. Conversely, if these transactions are largely sell orders, they could lead to a price decline.
Furthermore, analysts note a positive shift in SHIBs Sharpe ratio, a measure of risk-adjusted return. According to Messari, the Sharpe ratio, which stood at -4.52 on August 5, has now risen to 0.58. This recovery suggests that buying SHIB at its current price might be advantageous, provided that broader market conditions stabilize.
Can SHIB Bulls Pull a Rally?
Looking at SHIBs daily chart, the 9-day Exponential Moving Average is at $0.00001335, while the Relative Strength Index (RSI) stands at 46, indicating the market is near oversold territory.
Should the bullish trend continue, SHIB might test resistance levels at $0.00001480 and $0.00001622. However, persistent bearish pressure could push the token down to $0.00001139.
As SHIB approaches crucial resistance levels, its ability to sustain momentum will be pivotal for its future price trajectory. Traders are keenly observing for signs of strength or potential reversals.
Read more: https://thenewscrypto.com/are-shib-resistance-levels-poised-for-a-breakthrough/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
