After notable price increases in several cryptocurrencies, one crypto whale made a large bet on Shiba Inu (SHIB), which is poised for bullish momentum. On January 1, 2024, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a crypto whale had withdrawn 220 billion SHIB meme coins, worth $4.63 million, from Binance.
Whales buy 220 billion SHIB coins
Lookonchain also noted that this wallet holder made a substantial acquisition after being inactive for five months. This suggests the whale’s belief and trust in the meme coin. Additionally, this indicates an ideal buying opportunity and potential bullish momentum.
Despite this notable acquisition, the meme coin has not seen a significant rally, although it has gained modest upward momentum of 4%. Currently, SHIB is trading near $0.000022 and has seen a price increase of over 7.65% in the last 24 hours.
During the same period, its trading volume increased by 53.21%, indicating increased participation from traders and investors amid changing market sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
With this substantial acquisition and price surge, SHIB broke out of a descending triangle price action pattern over a four-hour time frame, signaling a change in market sentiment among traders and investors.
Shiba Inu Price Prediction
The recent price action reveals that if SHIB closes a four-hour candle above the $0.00002250 mark, there is a high chance that it will surge 30% to reach the $0.000029 mark in the near future.
On the positive side, SHIB’s Relative Strength Index (RSI) currently stands at 58.9, meaning it is below the overbought zone. This indicates that the asset has enough room to soar in the future.
On-chain bullish metrics
Currently, traders have increased their participation and interest in the meme coin, as revealed by Coinglass. Data shows that SHIB’s open interest increased by 16% in the last 24 hours, reflecting growing confidence and interest among traders.
Additionally, on-chain metrics reveal that SHIB’s long/short ratio currently stands at 1.09, indicating strong bullish market sentiment among traders. Currently, 52.37% of top traders are holding long positions, while 47.63% are holding short positions.
Combining these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and could help the meme coin clear the $0.00002250 hurdle, paving the way for further bullish momentum.