Crypto whale boosts Shiba Inu with a $4.63M acquisition, sparking optimism as SHIB breaks technical levels. Bullish momentum ahead - IcoHolder.
In a notable move within the cryptocurrency market, a major investor, also known as a "crypto whale," has made a significant acquisition of Shiba Inu (SHIB), adding to the growing optimism around the meme coin. On January 1, 2024, blockchain transaction tracker Lookonchain reported that this whale withdrew a staggering 220 billion SHIB coins from Binance, worth approximately $4.63 million. The acquisition comes after a five-month period of inactivity, signaling the whale's renewed confidence in SHIB's potential for future growth.
Despite the whale’s bold move, Shiba Inu's price did not experience a dramatic surge, although it did see a modest 4% increase. As of the latest figures, SHIB is trading at around $0.000022, with a notable 7.65% rise in price over the past 24 hours. Trading volume also spiked by 53.21%, reflecting a heightened level of market activity and increasing interest from both traders and investors. This uptick in participation is a sign of shifting market sentiment, with many now watching SHIB for further signs of momentum.
Technical indicators suggest that SHIB is at a critical juncture. The meme coin recently broke free from a descending triangle price pattern on its four-hour chart, signaling a shift toward bullish sentiment. If SHIB manages to close a four-hour candle above the $0.00002250 mark, analysts predict the coin could surge by as much as 30%, potentially reaching the $0.000029 threshold in the near future.
The Relative Strength Index (RSI) for SHIB currently stands at 58.9, which is not in the overbought zone, suggesting there’s still plenty of room for upward movement.
Along with the technical analysis, on-chain data from Coinglass indicates growing confidence among SHIB traders. Over the past 24 hours, SHIB’s open interest has risen by 16%, reflecting a surge in investor activity. The Long/Short Ratio for SHIB stands at 1.09, showing a clear bullish sentiment among top traders, with 52.37% holding long positions and 47.63% holding short positions.
Together, these on-chain and technical metrics paint an optimistic picture for Shiba Inu, with traders betting on the meme coin’s potential for continued upside momentum. If the current trend persists, SHIB may soon break through key resistance levels and see further gains in the coming days.
