Shiba Inu (SHIB) is looking to establish a foothold above the 200-day simple moving average (SMA) as whales boost their dogecoin (DOGE) stash to a nearly four-year high.

SHIB has exhibited considerable fortitude throughout the 24-hour trading, ascending from $0.00001287 to $0.00001312, constituting a respectable 2% appreciation.

At press time, the token traded close to the 200-day SMA of $0.00001300. A breakout would confirm a shift from a bearish to a bullish trend, as the 200-day SMA is widely tracked as barometer of long-term trajectory. Note that bulls have already failed twice in the past four weeks to secure the breakout.

That said, the latest attempt may succeed as it is marked by a pick-up in trading volumes. According to CoinDesk's market insights AI model, as SHIB neared the 2

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