As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I find myself intrigued by Shiba Inu’s recent performance. While it has experienced a minor setback this week amidst altcoin selling pressure, the broader market recovery has provided a strong foundation for potential growth.
Shiba Inu, the world’s second-largest meme coin (ticker: SHIB), has experienced a significant surge in the past week due to the broader market recovery. Nevertheless, amidst the pressure to sell altcoins, its price has dropped by 4.68% and is currently trading at $0.0000179. It holds a market capitalization of approximately $10.55 billion, and the daily trading volume has declined by 38%, reaching $391 million.
Yet, this situation offers an advantageous chance for prominent Shiba Inu holders to enter the fray and initiate a progressive period of SHIB acquisition. Should these major SHIB holders spark a widespread purchasing wave across the market, the cryptocurrency might experience a 32% growth.
Shiba Inu Whales Spot an Opportunity
Right now, the price of Shiba Inu is moving within a limited range, encountering resistance at approximately $0.000018 and finding support around $0.000016. The narrowing distance between its Bollinger Bands suggests that it’s consolidating or gathering strength.
Bollinger Bands are a tool used to measure market volatility, and they can help determine if an asset might be overbought or oversold. When these bands get closer together, it means the market is experiencing less volatility, suggesting that the price of the asset is limited to a narrower range. This period of low volatility may signal an upcoming breakout, where a substantial price shift could take place as volatility picks up once more.
Courtesy: Trading View
As a crypto investor, I find myself drawn to this current market consolidation – it’s neither overwhelmingly bullish nor bearish, creating an enticing entry point for large-scale investors like me. Diving into the Shiba Inu whale activity, it’s clear that these major players have been subtly beefing up their holdings, a move that hints at a potential upward trend in the near future.
According to Santiment’s findings, there’s been a 0.4% increase in the number of Shiba Inu holders who own between 10,000 and 1 million coins over the past few days.
Over the last seven days, there’s been a 15% rise in inflows coming from significant investors, which underscores increased SHIB whale buying activity. A rise in inflows from these large investors indicates that whales are accumulating a considerable amount of the asset in their wallets. This positive signal could inspire smaller investors to invest as well, potentially boosting the asset’s worth even more.
Courtesy: IntoTheBlock
SHIB Price Prediction: A 32% Rally Ahead?
If the increase in large Shiba Inu investors stockpiling (whale accumulation) leads to significant buying activity, the SHIB price could burst out of its current trading range and begin an upward trend. This could result in the price surpassing the resistance at $0.000018 and potentially climbing towards $0.000020, a level not seen since June.
Courtesy: TradingView
If there’s less whale involvement in the market, the price of Shiba Inu might remain stuck within its current trading band for an extended duration than initially thought. This prolonged stagnation could potentially lead to a slide below the $0.000016 support point, with the value possibly dipping down to $0.000010.
In the Shiba Inu world, things are moving forward with more exciting advancements. Soon, the Shib Doggy DAO Foundation will be unveiled, marking a new era for Shib Nation and leading us towards a completely self-governing and autonomous future.
A DAO (Decentralized Autonomous Organization) is a system of governance where owners of key tokens such as Shib, BONE ($0.40), Leash ($278.0), and Treat have the authority to make significant decisions. Here’s a breakdown:
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2024-10-17 17:42