- Two crypto whales have made transactions of 1.35 Trillion $SHIB recently.
- Moving averages are showing strong bullish signals in the current trading phase.
- The 24-hour trading volume of the SHIB token has reached over $670 Million.
Shiba Inu (SHIB) has grown to become a worldwide phenomenon. It is an open-source, community-driven memecoin launched on the Ethereum network. SHIB is a native token of Shiba Inu, whose price has gained a lot of bullish momentum over the past few months. The memecoin has captured the attention of many investors and meme lovers with its Shiba Inu doggy charm.
What is the effect of the Recent Activity of Whales in Shiba Inu?
The memecoin coin experienced a positive profitability of 41.81% in February 2024. This strongly affected the price as market sentiments shifted toward bullishness. Intrigued by the situation, remaining investors and retailers jumped in the next month. They rallied the price by almost 268%, with over 140% positive returns.
Consequently, the instant rise in price increased fear sentiments among investors. The price ended up taking a bullish correction in April 2024, which the buyers are trying to recover in the current trading sessions. However, Shiba Inu is underperforming in the global cryptocurrency market compared to the last seven days.
A recent post from the @Lookonchain X account has shown the recent activity of two crypto whales.
What a crazy buy!
— Lookonchain (@lookonchain) June 5, 2024
9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!
Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy
Nine wallets (two Whales) have recently spent $35.2 Million to buy 1.356 Trillion $SHIB at an average price of $0.00002596. This can be a good opportunity for the remaining ones to catch up with these people.
Technical Analysis of the Shiba Inu (SHIB/USD)
The long-term outlook lies above the key exponential moving averages (EMAs) on the bullish side. The SHIB price has rebounded the 50-day EMA from below, indicating the continuation of the bullish trend.
SHIB price has given a breakout from a trendline forming below with the upsurge from the $0.000020 immediate demand zone. The price reflected an almost 25% bullish rally after the breakout and faced resistance from the $0.000029 supply level.
In the last two trading sessions, the price formed two bullish candles from the $0.000023 key level, reflecting the increasing approach of buyers.
Moreover, the relative strength index (RSI) is moving in correlation with the spot price, indicating a neutral perspective in the current phase. The RSI is at 52.94 above the SMA line.
Summary
Shiba Inu price has experienced a major bullish correction phase since March 2024 and entered a sideways trend. Recently, the crypto whales made some transaction activities in the SHIB crypto, increasing the value.
In technical terms, the price rebound of the 50-day EMA also indicates strong bullish signals in the current trading sessions. The immediate resistance for SHIB was $0.000029, while the $0.000020 level was the next support. A short-term rise is likely if the price closes above the upper resistance and a downfall below the mentioned support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
