Shiba Inu price could follow Dogecoin’s footsteps and rise by 4X after SHIB whale accumulation skyrocketed by over 7,000% in the past 7 days. Whale accumulation is a signal that large investors are confident in the crypto asset and are anticipating that the price will move up in the future.

SHIB price is hovering around $0.00001880 after dropping 0.6% in the past 24 hours, mimicking Dogecoin’s price retracement. SHIB price has been lackluster during the electioneering period, but massive whale accumulation signals this may be about to change.

Shiba Inu Price Surge Imminent Amid  7,000% Whale Accumulation

SHIB whales sense something is about to happen as they have been loading up on the tokens massively over the past week. Data from IntoTheBlock (ITB) shows whales have increased their SHIB holdings by 7,469% in just 7-days. Although the monthly NetFlow is still down 3,000% compared to the last month, the increase over the week suggests the trend is changing.

This is confirmed by a spike in the large holder transaction count, which increased from 53 transactions (txs) to 324 txs. This suggests that large investors are keenly interested in SHIB because they anticipate the price may surge.

Famous crypto analyst Javon Marks still maintains his prior prediction that SHIB price will rally to $0.000081. According to Marks, the SHIB Relative Strength Index (RSI) confirms a falling wedge bull pattern on the daily chart. If his assessment if correct, this will constitute a 4X rally from the current price.

SHB Price Analysis: Barriers To Beat For 4X Returns

Shiba Inu price forecast shows an asset broken out of a symmetrical triangle. The triangle is within a four-month range with resistance at $0.00002050 and support around $0.00001260.

The price is currently hovering above the upper trend resistance  (R1) of the triangle, and further volume would be needed to break above the overhead resistance at $0.00002050.

If the price rises beyond the resistance, it would immediately soar 45% to $0.000028 and 68% to $0.000032 before moving higher to $0.000081.

Shiba Inu Price Analysis Chart

Can SHIB Break Past the $0.00002050 Barrier?

An analysis of the Average Directional Index (ADX) on the daily chart shows that it is at 16.46 but turning upwards, which shows that volatility is low but increasing. Combined with the current SHIB price action, it is a bullish indication that buy pressure could return to the meme coin.

The Moving Average Convergence Divergence (MACD) indicator has also sported a bullish crossover, and with the Relative Strength Index (RSI) above the midpoint at 56.96, Shiba Inu price still has room to move upward before it hits the overbought zone.

The post Can Shiba Inu Price 4X With Massive 7,000% Whale Accumulation appeared first on CoinGape.

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Filed under: News - @ November 7, 2024 6:26 am