Shiba Inu Network Activity Surge

There has been a significant increase in network activity on Shiba Inu, with over 615 trillion SHIB transferred in large transactions in a 24-hour period. This volume is the highest seen in a month, indicating a possible turning point for the asset both on-chain and on the open market.

Per on-chain data, this movement wave peaked on July 18, which also coincided with SHIB’s price reaching $0.000015, the upper limit of its current resistance range. Large transaction volumes are generally driven by high-net-worth holders or institutions, often preceding volatility. The overall sentiment and technical structure are crucial in determining whether this leads to continuation or a correction.

Currently, SHIB is testing the 200-day moving average, a historically significant long-term indicator. Recently, it has broken above a consolidation zone that lasted for several months. Strong RSI momentum, edging towards overbought territory, along with increasing volume, supports this breakout. While this shows excitement, there is potential for temporary fatigue if follow-through purchases slow down.

Significantly, SHIB’s current configuration aligns with a textbook accumulation breakout. After months of narrow-range trading and decreasing volatility, the price now stands above the 50, 100, and 200 key moving averages, which are forming a bullish crossover pattern.

If SHIB can maintain its position above $0.0000145, this structural alignment often paves the way for additional upside. The immediate price zone to observe is between $0.000015 and $0.000016, a historically reactive resistance area.

A move towards $0.0000172 and higher could be supported by a solid close above this level, propelled by ongoing whale activity and increasing retail participation. If these gains aren’t maintained, however, SHIB may retest the $0.000013 support zone.