Shiba Inu Price Prediction, 30% Rally Imminent?
The post Shiba Inu Price Prediction, 30% Rally Imminent? appeared on BitcoinEthereumNews.com.
After notable price surges in several cryptocurrencies, a crypto whale has made a significant bet on Shiba Inu (SHIB), which is poised for upside momentum. On January 1, 2024, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a crypto whale had withdrawn 220 billion SHIB meme coins, worth $4.63 million, from Binance. Whales Buy 220 Billion SHIB Coins Lookonchain also noted that this wallet holder made the substantial acquisition after remaining dormant for five months. This suggests the whale’s belief in and confidence in the meme coin. Additionally, it indicates an ideal buying opportunity and potential upside momentum. Despite this notable acquisition, the meme coin did not experience any significant rally, though it gained a modest 4% upside momentum. Currently, SHIB is trading near $0.000022 and has recorded a price surge of over 7.65% in the past 24 hours. During the same period, its trading volume increased by 53.21%, indicating heightened participation from traders and investors amid a shift in market sentiment. Shiba Inu (SHIB) Technical Analysis and Upcoming Levels With this substantial acquisition and price surge, SHIB has broken out of a descending triangle price action pattern on a four-hour time frame, signaling a shift in market sentiment among traders and investors. Source: Trading View Shiba Inu Price Prediction The recent price action reveals that if SHIB closes a four-hour candle above the $0.00002250 mark, there is a strong possibility it could soar 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, meaning it is below the overbought zone. This indicates that the asset has sufficient room to soar in the future. Bullish On-Chain Metrics Currently, traders have increased their participation and interest in the meme coin, as revealed by Coinglass.…
Filed under: News - @ January 2, 2025 5:27 pm