Shiba

bullish

Resistance

Shiba Inu

<ul class="wp-block-list"> 
 <li><strong>SHIB recovers from a month-low, showing bullish sentiment.</strong></li> 
 <li><strong>Large transactions surge 367%, indicating whale interest.</strong></li> 
</ul> 
<p>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.</p> 
<p>Significantly, SHIB’s large transaction volume—defined as transactions exceeding $100,000—has 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 <a href="https://thenewscrypto.com/early-shiba-inu-whale-shifts-3-5m-to-fet-amid-losses/" target="_blank" rel="noreferrer noopener nofollow">transactions</a> 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.</p> 
<p>Furthermore, analysts note a positive shift in SHIB’s 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.</p> 
<h2 class="wp-block-heading" id="h-can-shib-bulls-pull-a-rally">Can SHIB Bulls Pull a Rally?</h2> 
<p>Looking at SHIB’s daily <a href="https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22shiba-inu%22%2C%22ticker%22%3A%22SHIB%22%2C%22from%22%3A%222024-03-10T18%3A29%3A59.332Z%22%2C%22to%22%3A%222024-09-10T18%3A29%3A59.332Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%2C%22%5B2%3Bprice_usd%3BMA30%5D%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2326C953%22%2C%22%23FF5B5B%22%5D%7D%5D" target="_blank" rel="noreferrer noopener nofollow">char</a>t, the 9-day Exponential Moving Average is at $0.00001335, while the Relative Strength Index (<a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ASHIBUSDT" target="_blank" rel="noreferrer noopener nofollow">RSI</a>) stands at 46, indicating the market is near oversold territory.&nbsp;</p> 
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<p>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.</p> 
<p>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.</p>

Are SHIB Resistance Levels Poised for a Breakthrough?

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