Shiba Inu (SHIB) Price Teeters on the Edge of a Major Breakout as Large Holder Inflows Surge 671%

According to IntoTheBlock data, dog-themed cryptocurrency Shiba Inu is seeing a staggering 671% surge in large holder inflows

Cryptocurrency Shiba Inu is experiencing a remarkable 671% increase in large holder inflows, indicating significant buying activity, according to IntoTheBlock data.

This metric tracks the funds flowing into whale addresses, providing valuable insights into the buying and selling patterns of large crypto holders.

A surge in large holder inflows can suggest several possibilities.

Firstly, it may indicate a high volume of purchases on centralized exchanges, followed by the transfer of these purchases to cold storage.

Secondly, these inflows might suggest price bottoms, as large addresses tend to buy in bulk after substantial corrections.

The timing of this surge is particularly noteworthy, coinciding with SHIB's price teetering on the brink of a major breakout.

At the time of writing, SHIB had surged by 8.36% in the last 24 hours, reaching $0.00001548.

Over the last week, Shiba Inu had also enjoyed an impressive 17% increase.

Meanwhile, the broader cryptocurrency market experienced a rise, fueled by signals from the Fed indicating potential rate cuts.

As a result, many digital assets, including SHIB, are experiencing gains.

Shiba Inu has undoubtedly benefited from this overall positive market sentiment, contributing to its price increase over the last 24 hours.

Technical Analysis Points to Key Resistance Levels for SHIB Price Breakout

Shiba Inu's price has been fluctuating within a range in recent weeks, building up pressure that many analysts anticipate will be released soon in the form of a major price breakout.

This speculation is further fueled by the recent surge in large holder inflows, setting the stage for a potential sharp upward move.

Technical analysts are keeping a close eye on crucial resistance levels, the breaching of which could trigger a wave of buying and propel SHIB's price to higher levels.

In this case, the daily SMA 50, currently at $0.00001561, has played a significant role in hindering SHIB's price since mid-April, making it a key level to watch out for.

Following yesterday's surge, Shiba Inu is once again challenging this crucial level, with today's trading session seeing the price reach highs of $0.00001533.

If this resistance is breached and sustained, SHIB could be eyeing the daily SMA 200 at $0.00002 and the $0.00003 levels, respectively.

As Shiba Inu teeters on the edge of a major price breakout, the coming days will be critical in determining the token's near-term trajectory.

Should SHIB bulls fail to sustain a price breakout, support is envisaged at $0.000010.