Shiba Inu prices have entered a very tight trading range as bulls and bears battle it out. SHIB has been trading within a tight range for the past three days, with a doji pattern appearing to appear on its chart.

Doji candlesticks indicate indecision in the market, where buying and selling activity cancel each other out over a specific period.

A tight sideways movement may indicate indecision between bulls and bears. Eventually, either the bulls or the bears gain the upper hand and the price exits the consolidation and enters a trending trend.

SHIB/USD Daily Chart Courtesy of TradingView The moving averages on the daily chart have flattened out and the RSI is very close to the 50 midpoint, indicating a balance between supply and demand. If the bulls push the price above $0.0000077, they may tip the scales in their favour. SHIB may then rise towards the price barrier near $0.00000849.

On the other hand, the balance may tip in favor of the bears. If the price breaks below the intermediate support of $0.00000735, SHIB could drop to the critical support around $0.000007.

A breakout of this area could accelerate the selling and initiate a new downside move that could target $0.000006.

As of this writing, SHIB’s value has increased slightly from the previous day to $0.00000752.

SHIB large transactions surged 293%

Shiba Inu whales, or large holders, are awakening, and this is reflected in the huge trading volume, which has increased by a massive 293% in the past 24 hours.

IntoTheBlock’s large volume indicator shows the total volume of transactions by whales on a given day.

Lookonchain reports that a whale — likely the largest holder, with 101.47 trillion SHIB, worth $756 million, or 10.15% of the total supply — moved 4 trillion SHIB worth $29.8 million to eight new addresses today. Notably, the whale has not made any large transfers in 610 days.