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Key Insights:
- Shiba Inu price broke a falling wedge, signaling a rally with a $0.000034 short-term target.
- Whale transactions surged 197% to 7.49T SHIB, hinting at increased market activity.
- Strong buy walls provide support, but key sell walls could stall further gains.
Shiba Inu (SHIB) has broken out of a falling wedge pattern, signaling a potential price increase. Analyst CW identified this breakout and set a short-term target of $0.000034.
Whale transactions have surged, with large holders moving 7.49 trillion SHIB on March 20. Strong buy walls provide support, but multiple sell walls could limit further gains for Shiba Inu Price.
Whale Transactions Spike as SHIB Recovers
Shiba Inu rebounded on March 19, offsetting its previous day’s losses. The SEC’s decision to drop its Ripple appeal improved overall market sentiment. SHIB gained 3.03%, reversing the 3.09% drop from March 18.
This price movement allowed SHIB to test the $0.000013 resistance level before facing a slight rejection. The retracement on March 20 coincided with a rise in whale transactions, indicating a shift in market behavior.
Analyst CW noted large buy walls beneath the current Shiba Inu price level. These buy orders offer some degree of support and help curb any significant lows. However, multiple sell walls exist between SHIB’s current price and its short-term target of $0.000034. These resistance levels must be broken for the rally to continue.
IntoTheBlock data confirmed a sharp increase in large transactions. Transfers exceeding $100,000 jumped to 7.49 trillion SHIB, worth $97 million. It marked a 197% increase from the 2.52 trillion SHIB recorded a day earlier.
Despite this volume spike, SHIB price only rose by 0.08% on March 20. The data suggests that while large holders are actively moving SHIB, immediate price surges have not followed.
Shiba Inu price Faces Resistance at $0.000013
Shiba Inu price encountered strong resistance at $0.000013, preventing a sustained breakout. The price tested this level twice but failed to maintain upward momentum. Analysts noted that significant sell walls exist near this resistance, creating barriers for further price increases. Although whales accumulated large amounts of SHIB, their buying power has not yet driven a breakout.
Net capital flows, in particular into large holders, increased to only 720 billion SHIB by March 20. This event indicates that while the sheer numbers were large, the actual purchase demand did not escalate quickly.
Despite the strong buying walls, SHIB is struggling to break above the critical resistance levels. This week’s technical outlook has investors focusing on whether SHIB can maintain the pace and move past $0.000013.
Exchange Transfers Fuel Transaction Volume
Further analysis of the whale transactions showed that most of them were intra-exchange transactions. The data highlighted that a single exchange, OKX, processed more than 1.8 trillion SHIB, equivalent to $23 million, to a hot wallet.
Other platforms, including Gate.io and Coinbase, also had a high volume of internal transactions. These movements helped in increasing the transactions number but did not affect Shiba Inu price significantly.
However, SHIB price remains relatively high despite the volatile sideways action and numerous large transfers recorded recently. It means most of the transactions that took place in the period under consideration went through shifting of positions rather than real acquisitions. If there are no new drivers, SHIB will remain in a range it has been consolidating for quite some time now.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
