As a seasoned analyst with years of experience navigating the volatile waters of the cryptocurrency market, I must admit that the recent surge in large holder inflows for Shiba Inu (SHIB) has piqued my interest. With a track record of buying patterns among whales and their preference for purchasing large quantities following significant corrections, this development could indeed signal a potential price bottom.
Based on data from IntoTheBlock, there’s been an impressive increase of 671% in the inflow of Shiba Inu cryptocurrency, a dog-themed coin, into large investor accounts or “whale” addresses. This metric monitors the funds transferred to these substantial holdings.
An increase in incoming transfers from large investors could suggest that substantial buying is occurring. This is likely true as many of these investors often purchase on centralized exchanges and then move their assets to offline storage. Similarly, a rise in large investor inflows may signal market bottoms since they tend to buy larger quantities after major price drops.
Large investor purchases are happening as Shiba Inu’s price nears a significant jump. At this moment, Shiba Inu is seeing an increase of 8.36% over the past day, reaching $0.00001548. Over the past week, Shiba Inu has risen by 17%.
The wider cryptocurrency sector experienced growth following indications of the Federal Reserve’s interest rate reduction, as numerous digital currencies recorded increases in value. Shiba Inu, in particular, has profited from this general optimism, reporting gains over the past 24 hours.
SHIB price on verge of major breakout
Lately, Shiba Inu’s trading activity has been confined within a particular bandwidth, causing a mounting tension that experts predict may result in a significant price explosion – a breakout. The recent influx of investments further intensifies this speculation, as the market anxiously waits for a sudden spike upward.
Technical observers are keeping a close eye on crucial resistance points. If these points are surpassed, it might spark a flurry of purchases and potentially cause the price of SHIB to rise significantly.
In the present scenario, the Daily Simple Moving Average (SMA) 50, currently set at $0.00001561, serves as an important benchmark that has been limiting Shiba Inu‘s (SHIB) price progress since mid-April. Keep a close eye on this level.
After yesterday’s rise, Shiba Inu is attempting to break through a significant barrier again today, reaching peaks of approximately $0.00001533 during trading. If this surge continues, it’s possible that Shiba Inu could target the daily Simple Moving Average (SMA) 200 at around $0.00002 and $0.00003 in the future.
As I analyze the current state of Shiba Inu, it appears we’re on the verge of a significant price surge that could shape its immediate future. The upcoming days will likely play a pivotal role in this prediction. If the bullish momentum around SHIB weakens and fails to push through a breakout, I anticipate potential support might materialize around $0.000010.
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2024-08-24 18:36