Amid the current market rally, Shiba Inu (SHIB), the world’s largest cryptocurrency coin, is poised for massive bullish momentum. Potential reasons for this bullish speculation include recent SHIB transactions from exchanges to wallets, ongoing consolidation after a breakout, and the presidential inauguration.
Crypto Whale Moves 8.18 Trillion Coins SHIB Meme
Today January 7, 2024, blockchain transaction tracker Whale alert posted on X (formerly Twitter) that a crypto whale transferred 8.18 trillion SHIB coins, worth $195.1 million, from Crypto.com to an unknown wallet. The substantial quantity of meme coins was transferred in five separate transactions of equal value.
Industry experts believe that this transaction could constitute a potential accumulation, which could create significant buying pressure on SHIB and lead to a notable rally of the meme coin.
Shiba Inu (SHIB) Technical Analysis and Upcoming Level
According to expert technical analysis, SHIB has consolidated in a tight range between $0.00002327 and $0.00002465 over the last four trading days. However, this consolidation on SHIB’s daily chart follows the breakdown of a double-bottom bullish price action pattern.
Additionally, on the weekly time frame, SHIB appears to be forming a bullish inverse head and shoulders price action pattern, having already formed a head and shoulders and is now forming the second shoulder.
SHIB Price Prediction
If this happens, we could see significant bullish momentum. Based on recent price action and historical trends, if SHIB breaks the ongoing consolidation and closes a daily candle above the $0.000025 mark, there is a high chance that it will climb higher. 60% to reach the $0.000039 level.
On the positive side, SHIB’s Relative Strength Index (RSI) currently sits well below the overbought zone, indicating that the meme coin has the potential for a significant rally in the coming days.
Current Price Dynamics
At press time, SHIB is trading near $0.0000238 and has not seen any major price changes. However, during the same period, its trading volume increased by 21%, indicating increased participation from traders and investors compared to the previous day.