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- A whale transferring 4 Trillion SHIB ($99M) raised questions on the Shiba Inu price impact amid consolidation.
- A reputed analyst suggests a 46% price rise and a massive parabolic rally for the SHIB meme coin.
Shiba Inu price drives a bullish setup, supported by the rising trading volume spurt. Amidst the broader crypto market bullish cues, the SHIB price stayed above the key EMA lines.
Driven by the large transactions increase of over 15.28%, the whale activity has fueled the price surge of over 3% in the last 24 hours. Shiba Inu may unfold a parabolic rally if the current uptrend strengthens and accumulation increases.
The SHIB price traded at $0.00002501 at press time, noting an intraday rise of over 3.98%. With a market cap of $14.72 Billion, SHIB crypto ranked 2nd among the top meme coins and 11th among the top cryptocurrencies.
A Look at the Whale Transaction
According to on-chain data, the transaction came from the address 0x42219. It is one of the largest SHIB holders, still possessing more than 7 trillion SHIB tokens or 0.7302% of the overall supply.
The receiving wallet ‘0x633be’ is relatively new and has only two transactions. The first transaction was a test transaction of 100000 SHIB a few hours prior. As of now, the receiving wallet is holding 4 trillion SHIB
Such transactions indicate the growing interest, which could fuel interest among retail investors. It can also lift the Shiba Inu price to higher levels.
Analyst Sees 46% Upside: Here’s the Take
In a recent tweet, SHIB Knight said that the chart structure of Shiba Inu looks hot and is close to triggering a falling wedge breakout.
A successful breakthrough above the trendline mark could trigger a 46% rise ahead.
Likewise, CRYPTO SHIB highlighted a bullish take on SHIB. He said that the SHIB price may repeat its history, and a massive parabolic rally could be seen in the coming sessions.
This week, the Shiba Inu price has cooled off significantly, and a vertical spike was on the brink of unfolding shortly.
Shiba Inu Price Prediction: Is the Next Bullish Phase Imminent?
Shiba Inu price prediction unveils a bullish stance for the short term. A golden crossover between the 50-day and 100-day EMA marks was established, conveying the bullish price action.
The ongoing price action reveals a higher high and higher low formation. The structure was supporting the bullish rally.
The next bullish phase could emerge once the SHIB crypto price crosses the $0.00003200 mark. The price was still 50% below the 52-week high mark of $0.00004520.
The Relative Strength Index (RSI) line was 62 at press time. It was above the midline region and represented a positive outlook.
Moreover, the MACD indicator plotted the green histogram readings, outlining the bullish price action. However, the Average Directional Index (ADX) revealed indecision among traders, as the reading was still close to 30.
Over the last 24 hours, the Open Interest (OI) has risen over 6.73% to $88.55 Million. That represented the long buildup activity. The immediate support zones for Shiba Inu price were $0.00002360 and $0.000002200. The resistance levels for the SHIB crypto were $0.00002680 and $0.00002800.
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.
