In recent developments within the cryptocurrency market, Shiba Inu (SHIB), the popular meme coin, has become the center of attention following a substantial transaction by a crypto whale. This move comes amid various price surges across different cryptocurrencies, suggesting potential momentum for SHIB in the near future.
Whales Buy 220 Billion SHIB Coins
On January 1, 2024, the blockchain transaction tracker Lookonchain revealed on X (formerly known as Twitter) that a crypto whale made a significant acquisition of 220 billion SHIB meme coins, valued at $4.63 million, by withdrawing them from Binance. This whale had been inactive for five months before making this bold move, highlighting a renewed belief and confidence in SHIB’s potential.
The acquisition suggests an ideal buying opportunity and hints at possible upward momentum for SHIB. Despite this substantial buy-in, SHIB did not witness an immediate significant rally but did manage to gain a modest 4% increase. Currently, SHIB is trading near $0.000022, marking a price surge of over 7.65% in the last 24 hours. This period also saw a 53.21% increase in trading volume, reflecting heightened interest and participation by traders and investors.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
The recent surge and large acquisition have allowed SHIB to break out of a descending triangle pattern on the four-hour time frame. This breakout signals a potential shift in market sentiment among traders and investors, paving the way for further price movements.
Shiba Inu Price Prediction
Analyzing the recent price movements, there is a strong possibility that if SHIB manages to close a four-hour candle above the $0.00002250 mark, it could potentially rally by 30%, reaching the $0.000029 threshold shortly. The Relative Strength Index (RSI) for SHIB is currently at 58.9, which is below the overbought zone. This indicates that there is ample room for the asset to surge further.
Bullish On-Chain Metrics
Current on-chain metrics reflect a bullish sentiment among traders. As reported by Coinglass, SHIB’s open interest has increased by 16% in the past 24 hours, indicating growing confidence and interest. Moreover, the Long/Short Ratio for SHIB stands at 1.09, suggesting a strong bullish sentiment among traders. Presently, 52.37% of top traders hold long positions, while 47.63% hold short positions.
Integrating these on-chain metrics with technical analysis reveals that bullish forces are currently dominating SHIB. This dominance could help SHIB overcome the $0.00002250 resistance level, paving the way for further upward momentum.
As the cryptocurrency market continues to evolve, monitoring these developments and metrics is crucial for traders and investors seeking to capitalize on potential opportunities within the meme coin space.
