The price activity of Shiba Inu (SHIB) has formed a bottom reversal pattern in the last three months, meanwhile, it has been moved to the top spot by Ethereum whales. While the uptrend is still far away, a breakout from this setup indicates an exponential increase to the upside, according to analyst Delma Wilson.
SHIB price analysis
Since Jan 4, Shiba Inu price action has formed two distinct troughs, resembling a bowl and a handle. From January 4 to February 9, SHIB developed a V-shaped trough known as a “handle” followed by a round-bottomed structure known as a “dish”. The bowl is not yet complete and SHIB price is hovering above a decisive support area in this region. If SHIB retests the $0.0000329 resistance, it will complete the formation. In this scenario, the pattern predicts a 38% increase to $0.000454 calculated by adding the depth of the circle to the breakout point at $0.0000329. As
Kriptokoin.com, SHIB is currently trading in the $0.0002465 region and is still far from completing the setup. The bulls are more likely to take the stage as Shiba Inu price is trading in the demand zone of $0.0000235 to $0.0000255. If SHIB can break through the $0.0000329 hurdle, it will target $0.0000454, up 38%.
Ethereum whales buy SHIB
According to WhaleStats, the largest ETH whales have roughly $1.28 billion in SHIB, accounting for 14.17% of their total assets. SHIB has surpassed FTX, which has been in the top spot for a while, thanks to new acquisitions. ETH whales currently hold $1.15 billion in FTT, accounting for 12.82% of whale wallets’ total assets.
FTX Token currently ranks first among the top ten tokens sold in the last 24 hours. It ranks fourth among the top ten cryptocurrencies sold in the last 30 days. According to the same 30-day count, SHIB also ranks seventh. Given the current general downturn in the crypto market, this immediately marks a massive sell-off of both cryptocurrencies by ETH whales.
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