In the world of cryptocurrencies, Shiba Inu (SHIB) is gaining attention as whales make significant bets during its ongoing price consolidation. As the second-largest cryptocurrency by market cap, SHIB has been trading within a narrow range of $0.00002287 to $0.00002644 over the past fortnight.
Whales and Institutions: Strong Action in the SHIB Market
During this consolidation period, a remarkable 5.45 trillion SHIB meme coins, valued at around $162 million, have been accumulated by whales and institutions. This substantial accumulation indicates a strong belief in the potential of SHIB. According to Glassnode, an on-chain analytics firm, there have been notable outflows from exchanges across the crypto landscape in the past three days. This movement of tokens out of exchanges suggests a growing confidence among both whales and retail investors in the meme coin.
Such significant withdrawals could play a crucial role in reducing selling pressure, potentially preventing a price decline in the near future. On November 28, 2024, a newly created wallet withdrew 60 billion SHIB tokens, worth $1.52 million, from Binance, the largest cryptocurrency exchange in the world. This substantial withdrawal underscores the idea that SHIB might be a valuable addition to one’s portfolio during this phase of price consolidation, especially with the potential for an upcoming rally.
Rising Open Interest: A Positive Indicator for SHIB
The optimism surrounding SHIB is not limited to long-term holders. Traders are also showing increased confidence, as evidenced by a rise in open positions. Coinglass, another on-chain analytics firm, reports that SHIB’s open interest (OI) has seen a 3.9% increase in the past 24 hours, continuing its upward trend. This growing OI reflects traders’ strong belief in the potential of the meme coin, adding to the overall bullish sentiment in the market.
Technical Analysis and Upcoming Levels for Shiba Inu (SHIB)
Expert technical analysis suggests that SHIB is presently navigating through a consolidation zone, with its price showing signs of struggle. If SHIB manages to break out of this tight range and close a daily candle above the $0.00002644 level, there is a strong possibility of a 40% surge, potentially reaching $0.000037 in the coming days. This optimistic outlook is supported by SHIB’s Relative Strength Index (RSI), which currently stands at 58. This value is well below the overbought threshold of 70, indicating that there is still considerable room for growth and upward momentum.
Current Price Momentum and Market Activity
As of the latest data, SHIB is trading near $0.00002528, remaining stable over the past 24 hours. Concurrently, its trading volume has seen an 18% increase, highlighting heightened activity from traders and investors. This surge in participation aligns with the bullish sentiment surrounding SHIB, suggesting that the market is gearing up for potential positive movements.
In conclusion, amid the ongoing price consolidation of Shiba Inu (SHIB), the cryptocurrency is witnessing significant interest from whales, institutions, and traders alike. With strong accumulation, rising open interest, and a promising technical outlook, SHIB presents itself as a compelling asset to watch in the cryptocurrency market.
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