After a huge spike in on-chain activity, which was exemplified by a recent transaction volume of 3.12 trillion SHIB in a single day, Shiba Inu is beginning to rise again. This notable increase in large transactions suggests that the market is once again interested in the well-known meme coin and may portend a reversal or new bullish momentum.
According to the financial charts that are provided, SHIB is seeing a noticeable rise in both active trading and large transaction volume. The transaction volume peaked at 4.15 trillion SHIB on the seven-day high, while it reached 3.12 trillion SHIB over the last 24 hours. The high transaction volume, which peaked at $70.31 million, highlights the resurgence of interest in SHIB and could be interpreted as a sign of hope for the asset’s future price direction.
Technical analysis shows that SHIB is currently trading at about $0.00001830, having bounced back from recent lows. Resistance levels that have historically proven to be important are being tested by the asset. SHIB’s bullish reversal could be cemented if it is able to break above important levels like the $0.000020 mark.
A continuation of the downward trend, however, might be in store if the price is unable to stay above the support level at $0.00001650. Since speculation is a major factor on the meme coin market, this recent spike in volume and activity is somewhat encouraging, as Shiba Inu had some serious trouble maintain proper pacing on the market in the last few weeks.
It could be important to keep an eye on those crucial price levels and monitor the aforementioned price levels. Shiba Inu’s recent on-chain activity is generally positive and if momentum keeps up, SHIB may enter a new bullish phase.