In the past week, SHIB whale holdings surged by over 7,000%, which could lead to Shiba Inu's price skyrocketing 4 times like Dogecoin. Large investors are confident in the crypto asset, and their massive holdings indicate high expectations for future price increases. Although SHIB's price has dropped by 0.6% in the past 24 hours, it still hovers around $0.00001880, similar to the price pullback of Dogecoin.
Although SHIB has performed flat during the campaign, the significant whale holdings suggest that this situation may change. Overall, the market is optimistic about SHIB's short-term trend, as large investors' holdings exhibit confidence in a future price increase. For cryptocurrency investors, this may be a signal worth noting. However, investing should be approached with caution, as the market is highly volatile, and risks increase accordingly. It is hoped that everyone can conduct thorough research and risk assessment before investing.
Whale holding volume has reached 7,000%, and the price of Shiba Inu is about to soar.
SHIB whales sense that something is about to happen, as they have been buying tokens in large quantities over the past week. Data from IntoTheBlock (ITB) shows that whales have increased their SHIB holdings by 7,469% in just 7 days. Although the monthly net flow has still decreased by 3,000% compared to last month, the growth over the week indicates a shift in trend.
The surge in the number of large transactions confirms this, with the number of trades increasing from 53 to 324. This indicates that large investors are very interested in SHIB, as they anticipate the price may soar.
Famous cryptocurrency analyst Javon Marks still stands by his previous prediction that the price of SHIB will rise to $0.000081. According to Marks, the RSI for SHIB confirms a descending wedge bullish pattern on the daily chart. If his assessment is correct, this would constitute a 4-fold rebound from the current price.
SHB Price Analysis: Obstacles to a 4-fold return.
The recent price performance of Shiba Inu has formed a symmetrical triangle, indicating that a price breakout is imminent. The current price hovers around the resistance level of $0.00002050, but more trading volume is needed to break through this resistance. Once the price breaks out, it is expected to rise rapidly by 45% to $0.000028, then soar by 68% to $0.000032, ultimately rising to $0.000081.
In this price trend, the support level is around $0.00001260, where investors can look for support and also seek entry opportunities during a pullback after the breakout. However, the key to breaking the resistance level lies in more trading volume, so it is crucial to closely monitor changes in volume. Overall, the price of Shiba Inu is currently at a critical moment, and investors can formulate their trading strategies while closely observing the market. If the price successfully breaks through the resistance level, there will be significant upward potential worth investors' attention and anticipation.
Can SHIB break through the obstacle of $0.00002050?
The Average Directional Index (ADX) analysis on the daily chart shows that the index is currently at 16.46 but is turning upwards, indicating low volatility that is on the rise. Combined with the current price trend of SHIB, this is a bullish sign suggesting that buying pressure may return to the meme coin.
The Moving Average Convergence Divergence (MACD) indicator also shows a bullish crossover, and the Relative Strength Index (RSI) is above the midpoint at 56.96, indicating that the price of Shiba Inu still has room to rise before reaching the overbought zone.
