According to IntoTheBlock data, the whales have been on the move again in the past 24 hours. Large transaction fluctuations are linked to the increased activity of whales, which typically hold more than $100,000. Most Shiba Inu price action often coincided with a spike in large trades.
Whales carry tritons of Shiba Inu as trading volume rises by 154%
According to crypto data tracker WhaleAlert, huge whale transactions took place in two parts, 37 and 42 million. The Shiba Inu saw a massive increase to hit the highs of $0.0000118 on October 27. However, it has since returned to the $0.0000106 region. WhaleStats’ analysis of the top 100 Shiba Inu owners reflected a 50% increase in active addresses as crypto whales interact with billions of Shiba Inu, leading to an increase in the number of large transactions. The average SHIB balance in this whale category has risen slightly (2.45%) over the past 24 hours.
https://twitter.com/WhaleStats/status/1585700719541325825
Currently, the top 500 ETH whales are holding $133,187,605 worth of SHIB. So, how is the SHIB price trending in the middle of this accumulation?
SHIB can collect an additional 20% based on these factors
Shiba Inu price has completed a stunning 20% rally amid whale purchases. Currently, bears have entered the market and are down 8%. Still, there are reasons to believe that the bullish move continues. SHIB price currently spends time at $0.000001089. During the recent bullish, the bulls broke both the 8-day exponential and 21-day simple moving averages. Now, the two trend indicators converge below the SHIB price pointing to bullish strength.
A Fibonacci retracement tool surrounding the strongest part of the recent rally shows that the current profitable consolidation is just a 50% retracement. If market conditions continue, the upward crossing of the indicators will trigger an additional 20% rally. Key bullish targets would be $0.00001250 and potentially $0.00001300.
If the bears manage to tag the $0.00001040 liquidity zone, the bullish thesis will be invalidated. Sweeping the lows suggests a correction towards $0.00000970. If the override scenario happens, the price of the Shiba Inu will drop by 11%.
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