Is It Time to Get a Shiba Inu? An 8.18 trillion SHIB whale
Shiba Inu (SHIB), the biggest cryptocurrency meme coin in the world, is set to see tremendous upward momentum amid the current market recovery. Recent SHIB transactions from exchanges to wallets, continuous consolidation after a breakout, and the presidential inauguration are some possible causes of this bullish assumption.
Crypto Whale Transfers SHIB Meme Coin Worth 8.18 Trillion
A crypto whale moved a substantial 8.18 trillion SHIB meme coins, valued at $195.1 million, from Crypto.com to an unidentified wallet, according to a post made by blockchain transaction tracker Whale Alert on X (previously Twitter) today, January 7, 2024. Five distinct transactions of identical value were used to send the huge quantity of meme coins.
Source: X.com
According to industry analysts, this deal might be an accumulation, which would put a lot of buying pressure on SHIB and cause the meme currency to rise noticeably.
Technical Analysis of Shiba Inu (SHIB) and Future Prospects
For the past four trading days, SHIB has been consolidating in a narrow range between $0.00002327 and $0.00002465, according professional technical analysis. On SHIB's daily chart, however, this consolidation comes after a bullish double-bottom price action pattern broke out.
Furthermore, SHIB seems to be developing a bullish inverted head and shoulders price action pattern on the weekly time frame. It has already produced a head and one shoulder and is currently creating the second shoulder.
Forecast for SHIB Prices
If this occurs, there might be a lot of upward momentum. SHIB has a good chance of rising by 60% to reach the $0.000039 level if it breaks the current consolidation and closes a daily candle above the $0.000025 mark, according to historical trends and recent market action.
Positively, SHIB's Relative Strength Index (RSI) is currently well below the overbought zone, suggesting that a big rebound in the meme currency is possible in the days ahead.
Momentum in Prices Right Now
SHIB is now trading close to $0.0000238 and hasn't had any significant price movements as of this writing. But in the same time frame, its trading volume rose by 21%, suggesting that traders and investors were more active than they had been the day before.
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