Shiba Inu (SHIB) is currently experiencing a significant resurgence, marked by a substantial increase in on-chain activity and renewed interest from large holders. This uptick in engagement positions the popular cryptocurrency at a pivotal technical juncture, suggesting potential for a notable price movement in the near future.
Surging On-Chain Engagement
Recent data reveals a remarkable 70% surge in Shiba Inu transactions, signaling a recovery in network activity and a potential return of "whales" – large investors moving substantial capital. This heightened network engagement is a critical indicator, often preceding periods of increased volatility and aligning with SHIB's persistent attempts to breach key upper resistance levels. The spike in transaction count suggests a strategic reallocation of funds, possibly in anticipation of an upcoming breakout.
Technical Analysis and Price Outlook
From a technical perspective, SHIB's price action shows the asset consolidating within a prominent symmetrical triangle pattern. Trading around $0.0000128, the token is currently testing its 100- and 200-day moving averages, while facing overhead resistance from the 300-day mark and a crucial psychological barrier at $0.0000135. The Relative Strength Index (RSI) sits in a neutral zone, indicating room for growth if buying pressure intensifies, complemented by a moderate recovery in trading volume after weeks of inactivity. Should SHIB successfully break above the $0.0000135 level, the next targets for liquidity concentration could be between $0.000015 and $0.000016. Conversely, a failure to sustain this momentum might lead to a pullback towards support levels at $0.000012 or $0.0000115. The increased participation, especially from larger holders at this critical point, could catalyze a significant rally if bulls manage to push past long-standing resistance and reignite broader market enthusiasm.
