Bulls and Bears Battle for SHIB Price Direction

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The Shiba Inu price has resorted to a very tight trading range as bulls and bears slug it out. In the last three days, SHIB has traded in a narrow range  with the appearance of what seems to be a Doji pattern on its chart.

A Doji candlestick indicates indecisiveness on the market, wherein buying and selling activities counteract one another over a specific period.

The tight consolidation that happens with a sideways move in a narrow range might indicate indecision among bulls and the bears. Eventually, either the bulls or the bears prevail, and the price exits consolidation into a trending move.

The moving averages on the daily chart have flattened out, and the RSI is very close to the 50 midpoint, suggesting a balance between supply and demand. The bulls may tip the scales in their favor if they push the price above $0.0000077. SHIB could then rise to the price barrier near $0.00000849.

On the other hand, the balance might tilt in favor of the bears; SHIB might drop to the crucial support area near $0.000007 if the price dips below the intermediate support at $0.00000735.

A breach below this region could speed up selling and initiate a fresh downward move that could have the $0.000006 level as its goal.

As of the time of writing, SHIB had slightly increased in value over the previous day to $0.00000752.

SHIB large transactions surge 293%

Shiba Inu whales, or large holders, are awakening, as reflected in the large transaction volume, which is up a massive 293% in the last 24 hours.

The Large Transactions Volume Indicator from IntoTheBlock suggests the total amount transacted by whales on a given day.

Lookonchain reports of a giant whale – probably the largest holder, with 101.47 trillion SHIB worth $756 million, representing 10.15% of the total supply – transferring four trillion SHIB worth $29.8 million to eight fresh addresses today. Notably, the whale has not made any large transfers for 610 days.