Shiba Inu Price Prediction as $1.5 Billion Trading Volume Floods In – Are Whales Buying?
SHIB has gained by 5% in the past 24 hours, as the Shiba Inu price moves to $0.00003204 on a quiet day for the crypto market as a whole.
This moves means that SHIB has recorded an 18% return in a week and a 205% increase in the last 30 days, with the meme token’s trading volume rising beyond $1.5 billion today.
Such a volume indicates a spike in demand for SHIB, potentially coming from whales who expect the token to rally further in the coming weeks.
And with the market enjoying a lift in recent days, today could be the beginning of a productive period for Shiba Inu.
SHIB’s chart looks pretty bullish today, with the coin showing plenty of momentum that could continue for another one or two days yet.
Its relative strength index (purple) has jumped to 70 in the past hour, rising from under 50 yesterday.
This signals a big shift in buying pressure, which also finds reflection in SHIB’s 30-day average (orange), which has begun rising again in the last few hours.
What’s also promising is that Shiba Inu’s resistance (red) and support (green) levels have been rising in parallel this week, suggesting that the coin’s price will occupy an increasingly high range in the near term.
On top of this, SHIB’s 24-hour trading volume has increased by around 125% since Monday, rising from $700 million to about $1.7 billion.
Again, this shows that whales may be moving to SHIB in the expectation that the meme token has some substantial gains to make in the coming weeks and months.
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