Here’s Why You Should Add Shiba Inu (SHIB) Now
Amid ongoing price consolidation, whales appear to be betting heavily on Shiba Inu (SHIB), the second-largest cryptocurrency by market capitalization. However, these noteworthy bets were observed within a narrow range between $0.00002287 and $0.00002644, as the Meme coin has been trading within this range for the past two weeks.
Strong action by whales and institutions
Within this range, whales and institutions have accumulated 5.45 trillion SHIB meme coins in the past three days, worth $162 million.
Exchanges across the cryptocurrency space have seen significant outflows over the past three days, suggesting tokens are being moved out of exchanges, according to on-chain analytics firm Glassnode. This significant outflow shows that both whales and retail investors are showing strong interest and confidence in the meme coin.
Furthermore, such a significant divestment could significantly reduce selling pressure and prevent prices from falling in the coming days.
Additionally, on November 28, 2024, a newly created wallet withdrew 60 billion SHIB tokens worth $1.52 million from Binance, the world’s largest cryptocurrency exchange.
This significant withdrawal from the exchange suggests that SHIB may be an ideal meme coin to add to your wallet amid ongoing price consolidation for the upcoming rise.
Open interest rises
In addition to long-term holders, traders also appeared optimistic as they increased their open positions in the past 24 hours. Data from on-chain analytics firm Coinglass shows that SHIB’s open interest (OI) has risen 3.9% in the past 24 hours and continues to climb steadily. This growing OI hints at traders’ strong belief and confidence in meme coins.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
According to expert technical analysis, SHIB is currently in consolidation territory and its price appears to be in trouble. Based on recent price action and historical momentum, if SHIB breaks out of this tight range and closes above the $0.00002644 level, there is a good chance it will surge 40% to $0.000037 in the coming days.
In addition to this bullish outlook, SHIB’s Relative Strength Index (RSI) further suggests that the meme coin has significant room for growth. Currently, SHIB’s RSI value is 58, which is well below the overbought point of 70, indicating that the underlying upward momentum is still at play.
Current Price Momentum
At press time, SHIB is trading near $0.00002528 and has remained unchanged over the past 24 hours. At the same time, its trading volume increased by 18% during the same period, indicating increased participation from traders and investors amid this bullish outlook.
