Whales Buy 220 Billion SHIB Coins
Recently, the cryptocurrency market witnessed a significant move as a crypto whale made a bold transaction involving Shiba Inu (SHIB) tokens. On January 1, 2024, Lookonchain, a renowned blockchain-based transaction tracker, revealed on X (formerly known as Twitter) that a substantial withdrawal of 220 billion SHIB meme coins, valued at approximately $4.63 million, was made from the cryptocurrency exchange Binance.
This large-scale transaction highlights the whale’s renewed confidence in Shiba Inu, especially after a period of dormancy lasting five months. Such a move suggests an ideal buying opportunity, potentially indicating an upswing in the coin’s momentum. Despite this significant acquisition, SHIB’s rally was modest, with only a 4% rise. However, the token is currently trading close to $0.000022, reflecting a more than 7.65% surge in the past 24 hours.
The trading volume during this period surged by 53.21%, showcasing an increase in trader and investor activity, likely spurred by a shift in market sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
The recent acquisition and price movements have allowed SHIB to break free from a descending triangle price action pattern on a four-hour time frame. This breakout is a clear signal of changing market sentiment among traders and investors.
Shiba Inu Price Prediction
Analyzing the recent price actions, if SHIB successfully closes a four-hour candle above the $0.00002250 threshold, there is a strong potential for the price to increase by 30%, possibly reaching the $0.000029 mark soon. The Relative Strength Index (RSI) for SHIB currently reads 58.9, indicating that the asset is not yet overbought, leaving ample room for growth.
Bullish On-Chain Metrics
Recent data from Coinglass indicates a heightened interest in SHIB from traders, with open interest rising by 16% over the past 24 hours. This trend reflects growing confidence and engagement among market participants. Furthermore, the Long/Short Ratio for SHIB stands at 1.09, emphasizing a bullish sentiment within the market. Presently, 52.37% of top traders are holding long positions, while 47.63% are in short positions.
These on-chain metrics, combined with technical analysis, suggest that bullish traders currently dominate the scene, potentially aiding SHIB in overcoming the $0.00002250 resistance, setting the stage for further upward momentum.
