As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price surges and dips. However, the recent 7,000% increase in Shiba Inu whale accumulation has caught my attention. This is reminiscent of Dogecoin’s meteoric rise back in 2021, which was also preceded by significant whale accumulation.
The cost of Shiba Inu could potentially mirror Dogecoin‘s surge and multiply four times, given the significant 7000% increase in whale accumulation over the past week. Such a build-up suggests that major investors are optimistic about this cryptocurrency and expect its value to escalate in the coming days.
The cost of Shiba Inu (SHIB) currently hovers near $0.00001880, following a 0.6% decrease in the past day, mirroring Dogecoin’s price dip. Despite a lackluster performance during the election period, substantial whale accumulation indicates potential change may be on the horizon for SHIB’s price trend.
Shiba Inu Price Surge Imminent Amid 7,000% Whale Accumulation
Over the past week, large Shiba Inu token holders (known as whales) have significantly upped their purchases, indicating they may be anticipating some event. According to IntoTheBlock data, these whales have boosted their Shiba Inu holdings by an astounding 7469% within the last seven days alone. Although the monthly NetFlow remains 3000% lower than the previous month’s level, this week’s increase suggests a potential shift in trend.
According to an increase in the number of significant investor transactions, which went up from 53 to 324, it appears that large investors are showing significant interest in SHIB. This trend indicates that these investors believe the price could potentially rise sharply.
Famous crypto analyst Javon Marks still maintains his prior prediction that SHIB price will rally to $0.000081. According to Marks, the SHIB Relative Strength Index (RSI) confirms a falling wedge bull pattern on the daily chart. If his assessment if correct, this will constitute a 4X rally from the current price.
SHB Price Analysis: Barriers To Beat For 4X Returns
The projected price trend for Shiba Inu indicates a breakout from a symmetric triangle pattern, which has been established over a four-month period. This triangle has an upper limit at approximately $0.00002050 and a lower support around $0.00001260.
At the moment, the price is slightly higher than the upper trend line (R1) of the triangle, but a larger trading volume is required to push it past the potential resistance level at approximately $0.00002050.
Should the price surpass the barrier, it will swiftly jump by about 45% to reach approximately $0.000028 and then climb another 68% to hit around $0.000032. Following this, there’s potential for further growth up to $0.000081.
Can SHIB Break Past the $0.00002050 Barrier?
Examining the Daily Average Directional Index (ADX) reveals it’s currently at 16.46 and trending upward, suggesting that market volatility is minimal yet rising. In conjunction with SHIB’s current price dynamics, this implies a bullish outlook as buying momentum may restart for the meme coin.
The Moving Average Convergence Divergence (MACD) indicator has shown a positive crossover, indicating potential bullish momentum. Additionally, the Relative Strength Index (RSI) currently stands at 56.96, suggesting that Shiba Inu’s price may continue to rise before reaching the overbought region.
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2024-11-07 09:40