Shiba Inu Price Prediction, 30% Rally Imminent?
Crypto whales have made a significant bet on the Shiba Inu (SHIB), with the breed poised to gain upward momentum after several cryptocurrencies saw significant price spikes. On January 1, 2024, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a crypto whale had withdrawn 220 billion SHIB meme coins from Binance, worth $4.63 million.
Whales buy 220 billion SHIB coins
Lookonchain also noted that the wallet holder made this major acquisition after a five-month hiatus. This shows the faith and confidence that whales have in memecoins. Additionally, it indicates ideal buying opportunities and potential upside momentum.
Despite this high-profile acquisition, the meme coin did not experience any significant gains, although it gained modest upward momentum of 4%. Currently, SHIB is trading close to $0.000022, with the price surging by more than 7.65% in the past 24 hours.
During the same period, its trading volume increased by 53.21%, indicating increased participation from traders and investors as market sentiment shifted.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Following this massive acquisition and price surge, SHIB broke out of a descending triangle price action pattern on the four-hour time frame, signaling a shift in market sentiment among traders and investors.
Shiba Inu Price Prediction
The recent price action suggests that if SHIB closes above the $0.00002250 mark with a 4-hour candle, it is very likely to surge by 30% to reach the $0.000029 mark in the near future.
On the positive side, SHIB’s relative strength index (RSI) currently stands at 58.9, which means it is below overbought territory. This suggests that the asset has plenty of room for upside in the future.
Bullish on-chain indicators
According to Coinglass, there is currently an increase in trader participation and interest in meme coins. Data shows that SHIB’s open interest increased by 16% in the past 24 hours, reflecting traders’ growing confidence and interest.
Furthermore, on-chain indicators show that SHIB’s long-short ratio currently stands at 1.09, indicating strong bullish market sentiment among traders. Currently, 52.37% of the top traders hold long positions, while 47.63% hold short positions.
Combining these on-chain indicators with technical analysis suggests that bulls are currently dominating the asset and could help the meme token break above the $0.00002250 barrier, paving the way for further upward momentum.
