- Shiba Inu coin price surged over 15% in a week, eyeing $0.00003300 breakout.
- The surge in whale activity and bullish technical readings signal growth.
Shiba Inu (SHIB) price has oscillated close to the critical neckline hurdle of $0.00003300 for the last ten days and is eyeing a breakout. However, things are about to change.
When writing, Shiba Inu coin price traded at $0.00002957, noting a decline of around 8% over the past 24 hours. The market cap has fallen to $17.65 Billion and the total supply stood at 589.51 Trillion.
With increasing demand and whale accumulation for Shiba Inu, it looks like the memecoin is ready for a breakthrough. But how soon could it happen?
Analyst Predicts Shiba Inu Coin Could Surge 28%
Crypto Analyst, SHIB KNIGHT shared a post on X saying that, SHIB coin was filing a bullish pattern slowly and is poised for a 28% surge toward $0.0000400 in the coming days.
The chart setup was bullish and the memecoin persisted in forming the higher highs. Currently, SHIB bulls are attempting to flee the nine-month higher trajectory of $0.00003300 and are eyeing a breakthrough.
Notably, SHIB whales have increased their trading activity, as evidenced by the coin’s surging large holders netflow.
Large holders are those addresses that hold more than 0.1% of an asset’s circulating supply. When their netflow spikes, it signals that whales are accumulating the asset, which is a strong bullish indication.
Over the past 24 hours, large transactions witnessed a surge of over 2.73%, sparking interest from market participants. This led to further accumulation, potentially driving the Shiba Inu coin price higher.
Moreover, the sentiment across the market participants was bullish, as evidenced by the readings from the weighted sentiment indicator. It represents a significant surge, as values stay above the zero line, underscores bullishness.
Shiba Inu Coin Price Prediction: Can it Reach Nine-Month High?
SHIB price has maintained the uptrend and sustained gains beyond the key EMA lines. If buying momentum continues, the SHIB coin will break the $0.00003300 resistance level.
A successful breakout of this level could pave the way for a rally toward $0.00003700 followed by $0.00004000.
SHIB price is above the Ichimoku Cloud, it indicates a bullish trend. In this scenario, the cloud acts as a dynamic support level, suggesting that buyers are dominating the market.
Some of SHIB’s key momentum indicators confirm the heightened demand. For example, SHIB’s Relative Strength Index (RSI) is in an uptrend, signaling rising buying pressure.
Furthermore, the On-Balance Volume (OBV) corroborated this thesis, representing increased accumulation.
The OI-weighted funding rate stayed positive at 0.0987%, representing a strong demand for long contracts.
A cross above the resistance level of $0.00003300 could fuel further bullish strength. Conversely, a break below $0.00002530 will invalidate the bullish thesis and could drag SHIB to the lower support level at $0.00002300-$0.00002000 (20 day EMA support).
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.