SHIB Whales Are Moving Again: Are Rally Signals Coming?
The increase in the activities of Shiba Inu (SHIB) whales in recent days indicates a significant movement in the cryptocurrency markets. According to Onchain data, SHIB whales increased their assets by 7,469% in the last 7 days. This shows that major investors’ confidence in memecoin has been revived. SHIB price is currently trading at $0.00001880 and has decreased by 0.6% in the last 24 hours. However, whales buying could herald a potential price increase.
Whales’ High Buys: Increased Market Confidence
The intense purchases made by SHIB whales over the past week have created a remarkable trend in the cryptocurrency market. This shows that, with increasing interest in SHIB, investors may have a more optimistic approach to the market. Famous crypto analyst Javon Marks predicts that SHIB price may rise to $0.000081. SHIB’s Relative Strength Index (RSI) indicates a falling wedge bullish pattern on the daily chart, the analyst noted. If this prediction turns out to be correct, this would mean an increase of approximately 400% from the current price.
Technical Analysis: Triangle Formation and Resistance Levels
The SHIB chart shows that the popular altcoin is breaking out of a symmetrical triangle formation. This triangle is moving between the $0.00002050 resistance and $0.00001260 support levels. The price is currently trading above the upper trend resistance of the triangle. However, the pair needs to gain more volume in order to exceed the $0.00002050 level. If this resistance level is broken, the price is expected to first increase by 45% to $0.00002, then increase by 68% to $0.000032, and finally reach the target of $0.000081.
Reasons Behind Whale Activities
- Market Dynamics: Whales generally prefer active price periods in their trading strategies due to their ability to predict market movements. Therefore, the increased interest in SHIB indicates that major investors are anticipating future price increases.
- Evolving Ecosystem: Developments in the Shiba Inu’s ecosystem attract the attention of investors. In particular, new projects and partnerships may increase demand for SHIB and strengthen whales’ tendency to invest in these projects.
- General Situation of the Cryptocurrency Market: The general upward trend in the cryptocurrency markets may lead to increased interest in memecoins such as SHIB. Investors turn to riskier assets during periods when the general upward trend continues.
Conclusion: Investors Should Be Careful
Increased buying activity by SHIB whales may herald a potential price increase. However, investors need to be careful and analyze market trends well. Since cryptocurrency markets have a volatile structure, it is important to consider risks when making investment decisions. The movements of whales can often have large impacts on the market, so it is critical for investors to stay on top of this.
62823
