Technical analysis suggests that SHIB may be gearing up for a significant upswing, with a notable trader predicting a surge of up to 52% to reclaim its 12-month high.
Recent data indicates a surge in whale activity for Shiba Inu (SHIB), with significant increases in large transactions and daily active addresses.

While the altcoin market has witnessed a strong surge in the past few months, the memecoin sector has been pretty sluggish. However, this could be a good time for accumulation as the technical setup for Shiba Inu (SHIB) suggests that it could be gearing up for a strong rally going ahead.

A prominent trader has indicated that Shiba Inu could potentially surge by 52%, aiming to reclaim its 12-month high in the near future. Despite the recent market-wide upswing fueled by Bitcoin, Shiba Inu has faced challenges in surpassing and maintaining the $0.00001 mark in the past month.

Currently trading around $0.000009569, Shiba Inu has seen a slight decrease of 2.32% in its overall performance over the past seven days. However, there are signs of a positive turnaround, with the asset showing a 1.60% gain in the last 24 hours.

Encouraged by the emerging momentum, a notable figure in the Shiba Inu community, known as “SHIB KNIGHT,” has expressed optimism regarding the asset’s trajectory.

Shiba Inu (SHIB) Price Rally to $0.000014

In a recent update on X, the prominent trader highlighted the emergence of a symmetrical triangle pattern on the weekly timeframe for Shiba Inu.

The accompanying chart illustrates how Shiba Inu’s recent price movements have shaped this symmetrical triangle, indicating the potential exhaustion of the downtrend.

Analyzing these patterns, the trader suggested that a successful breakout from the symmetrical triangle could propel Shiba Inu well above the $0.00001 threshold. Specifically, Shiba Inu’s price can rally by 51.4%, aiming for a price of $0.000014.

$SHIB 1WEEK Chart:

Breakout target is 1400. Breakout should be confirmed, it’s still moving in pattern rn. pic.twitter.com/IId3C9SRCm

— $SHIB KNIGHT (@army_shiba) February 22, 2024

Historical data reveals that Shiba Inu last reached the $0.000014 range precisely one year ago. Therefore, the trader anticipates Shiba Inu reclaiming this 12-month high in the imminent future. However, SHIB KNIGHT cautioned that the breakout signal has not been fully confirmed yet, emphasizing that the situation is still evolving.

SHIB Whale Activity On the Rise

Shiba Inu, the dog-themed cryptocurrency, has experienced a notable surge in whale activity recently. According to data from IntoTheBlock, there has been a significant uptick of 454.16% in large transactions involving SHIB over the past day, totaling a remarkable $112.96 million. In the span of 24 hours, there were 34 large transactions, each exceeding $100,000 in value.

The volume of large transactions soared from 2.18 trillion SHIB on Feb. 21 to 11.77 trillion SHIB on Feb. 22, marking the highest level observed in the past seven days. Additionally, the number of daily active addresses rose by 25.33% to 3,710, indicating heightened activity within the Shiba Inu blockchain. Large transaction volumes provide insight into the total amount transacted by whales on a given day, and a surge in such volumes may signify significant activity, whether it involves buying or selling.

In the midst of notable progress within the Shiba Inu ecosystem, the introduction of SHEboshi, an ERC-404 token, and the surge in daily transactions on Shibarium have garnered considerable attention from cryptocurrency enthusiasts worldwide. With SHEboshi swiftly depleting its stock post-launch and Shibarium approaching 4 million daily transactions, optimism in the market for SHIB, the native token of the Shiba Inu coin, has been bolstered by these advancements in its cryptographic ventures.

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Filed under: Bitcoin - @ February 23, 2024 2:22 pm