As the crypto market continues its recovery trajectory, Shiba Inu (SHIB), a leading crypto meme coin, is positioned for substantial upward momentum. This bullish outlook is fueled by several key factors: significant SHIB transactions moving from exchanges to private wallets, ongoing price consolidation following a breakout, and recent political events such as the presidential inauguration.
Crypto Whale Moves 8.18 Trillion SHIB Meme Coins
On January 7, 2024, a notable transaction was reported by blockchain tracker Whale Alert on the social media platform X (formerly known as Twitter). A crypto whale executed a massive transfer of 8.18 trillion SHIB meme coins, equivalent to $195.1 million, from Crypto.com to an undisclosed wallet. This mammoth transfer was conducted in five equal transactions.
Industry analysts suggest that such a significant move might indicate an accumulation strategy, possibly leading to increased buying pressure on SHIB. This heightened demand could trigger a substantial rally, boosting the meme coin’s value significantly.
Shiba Inu (SHIB) Technical Analysis and Key Levels
Expert technical analysis reveals that SHIB has been consolidating within a narrow range between $0.00002327 and $0.00002465 over the past four trading days. This period of consolidation follows the breakout of a bullish double-bottom price action pattern on SHIB’s daily chart.
Looking at the weekly timeframe, SHIB appears to be forming a bullish inverted head and shoulders pattern. The pattern is in its second stage, having already formed the head and one shoulder, with the formation of the second shoulder currently underway.
SHIB Price Prediction
If SHIB breaks out of its current consolidation phase and successfully closes a daily candle above the $0.000025 threshold, it may experience a significant upward momentum. Based on historical trends and recent price action, SHIB could potentially surge by 60%, reaching the $0.000039 level.
Moreover, the Relative Strength Index (RSI) for SHIB remains comfortably below the overbought territory, suggesting ample room for a substantial rally in the near future.
Current Price Momentum
As of the latest update, SHIB is trading around $0.0000238, with no significant fluctuations in price. Nevertheless, the trading volume has surged by 21% during this period, reflecting increased activity and interest among traders and investors compared to the previous day.
This heightened trading activity could be indicative of growing interest and confidence in SHIB’s potential for growth, further supporting the possibility of a strong upward trend in the coming days.
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