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In a significant shift in the cryptocurrency market, crypto whales have acquired 1.67 trillion Shiba Inu (SHIB) tokens from exchanges within the past 24 hours.
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This surge in acquisition has sparked discussions among traders, with forecasts indicating that SHIB could climb by 45% if it manages to close above the key resistance level of $0.000025.
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A noted crypto expert remarked, “The recent increase in SHIB holdings among large investors suggests a potential bullish momentum in the short term.”
Crypto whales have acquired 1.67 trillion SHIB tokens, signalling potential bullish momentum as analysts forecast a 45% price rally.
Massive Acquisition: Crypto Whales’ Interest in SHIB Tokens
The recent action by significant holders, or “whales,” in the cryptocurrency market demonstrates increasing confidence in Shiba Inu (SHIB). The acquisition of 1.67 trillion tokens observed over the last 24 hours points toward a potential shift in market sentiment. This activity coincides with an overview of exchange outflows, which surged by 62% on November 7, previously indicating notable price movements.
Furthermore, data from IntoTheBlock shows a remarkable 98% increase in large transaction volumes for SHIB, underscoring growing interest by both whales and institutional investors. The combination of these factors highlights a strong buying opportunity as expectations remain high for a breakout.
SHIB’s Technical Landscape: Analysis and Key Levels
From a technical standpoint, indicators show that SHIB is currently on the verge of a breakout from a bullish descending triangle pattern on the four-hour chart. If SHIB successfully closes a candle above the $0.000025 level, analysts predict a rally that could elevate the price to $0.0000365, effectively a 45% increase in value.
Source: Trading View
Additionally, SHIB’s trading position above the 200 Exponential Moving Average (EMA) on both the four-hour and daily charts signifies a prevailing uptrend. The Relative Strength Index (RSI) further indicates possible positive momentum in the upcoming days.
Support from On-Chain Metrics: A Bullish Outlook
On-chain metrics bolster the optimistic forecast for SHIB, as data from Coinglass reveals a notable uptick in open interest (OI) for SHIB. In just four hours, OI increased by 4.95%, with a further rise of 2.15% within the latest hour observed. This escalation in OI signals a rise in trader engagement as more participants recognize the bullish setup.
The long/short ratio on Binance is currently documented at 3.50, reflecting a strong bias towards long positions with 77.8% of traders holding long, compared to 22.2% short positions.
Source: Coinglass
The convergence of these favorable on-chain metrics and technical indicators suggests that bullish sentiment is likely to persist, potentially driving the price of SHIB higher in the near future.
Currently, SHIB is trading at approximately $0.0000257, reflecting a modest gain of 1.2% in the last 24 hours, accompanied by a 10% increase in trading volume, reinforcing the increase in trading activity.
Conclusion
The developments surrounding Shiba Inu (SHIB) signal a potentially bullish roadmap as whale activity intensifies and technical indicators align favorably. Market participants should remain vigilant as the potential rally could provide significant opportunities in the ever-evolving landscape of cryptocurrency investing.
