The cryptocurrency market is witnessing intriguing developments as Shiba Inu (SHIB), the second-largest cryptocurrency by market cap, sees heightened activity. Despite ongoing price consolidation, influential investors, commonly referred to as “whales,” are making significant bets on SHIB. Over the past two weeks, SHIB has been trading within a narrow range, oscillating between $0.00002287 and $0.00002644.
Whales and Institutional Action
During this period of range-bound trading, both whales and institutional investors have made substantial moves, accumulating a massive 5.45 trillion SHIB meme coins, which equates to a valuation of $162 million. According to the reputable on-chain analytics firm, Glassnode, there have been notable outflows from exchanges in the past three days. This trend indicates a shift of tokens away from exchanges, signaling strong interest and confidence in SHIB from both whales and retail investors.
The significant withdrawal from exchanges could potentially alleviate selling pressure and help stabilize or even boost prices in the near future. Adding to this, on November 28, 2024, a newly established wallet extracted 60 billion SHIB tokens, valued at $1.52 million, from Binance, the world’s largest cryptocurrency exchange. This movement suggests SHIB may be a prime candidate for investors looking to capitalize on the anticipated rally during the current price consolidation phase.
Rising Open Interest
Optimism among traders is evident as open positions in SHIB have increased notably in the last 24 hours. Data from Coinglass, another on-chain analytics firm, reveals that SHIB’s open interest (OI) has seen a 3.9% rise over the past day, continuing on an upward trajectory. This increase in OI reflects a strong belief and confidence among traders regarding the potential growth of the meme coin.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
Technical analysis experts indicate that SHIB is currently in a consolidation phase, with its price encountering resistance. Should SHIB manage to break out of this tight trading range and close above the $0.00002644 level on a daily candle, there is a strong likelihood of a 40% price surge, potentially reaching $0.000037 in the coming days.
The bullish sentiment is further supported by SHIB’s Relative Strength Index (RSI), which currently stands at 58. This figure, being below the overbought threshold of 70, suggests there is still considerable room for upward momentum, indicating a favorable growth potential for SHIB.
Current Price Momentum
As of now, SHIB is trading near $0.00002528, with its price remaining stable over the past 24 hours. However, the trading volume during this period has increased by 18%, reflecting heightened engagement from traders and investors amidst this positive outlook.
