- Shiba Inu is predicted to surge by a significant margin from the current position as whales aggressively accumulate to increase activities by 7000%.
- An analyst has predicted that SHIB could surge by 890% to hit $0.000171 by the end of this cycle.
Following the recent explosive run that saw Dogecoin (DOGE) surging by 80% in the last 30 days to enter the $0.2 crucial resistance zone, Whales have started diversifying their portfolio as they turn to Shiba Inu (SHIB) for a potential imitation. In the last seven days, whale accumulation for SHIB has skyrocketed by a staggering 7,469%, signaling a possible 4X in the near term.
Analyzing IntoTheBlock data, we discovered that the monthly net flow is, however, 3,000% down from the previous month. Meanwhile, the large holders’ transaction count has increased from 53 to 324. Just a few days ago, large wallets traded 6 trillion SHIB tokens and pushed the transaction counts to 224.
Looking into this further, we also found that SHIB whales have been active in the past couple of months as a wallet withdrew 83.36 billion SHIB from Binance in October. In September, another whale withdrew $4 million worth of the asset from a centralized exchange.
Responding to these aggressive accumulations, SHIB has only managed a 30-day surge of 8% but has declined by 2.88% in the last 24 hours to trade at $0.0000186.
Subjecting the asset to technical analysis, a renowned trader identified as Ever Crypto Sage pointed out that SHIB is forming a bullish pennant that could send the price to $0.00003. Meanwhile, the market sentiment remains neutral as it trades above the 50-day SMA but below the 200-day SMA.
Our analysts have also observed that SHIB is currently hovering within a four-month range of $0.00002050 resistance level and $0.00001260 support level. The price is also reported to be trending above the upper resistance of the symmetrical triangle. A successful hold above this line could position the asset to a potential 45% surge to hit $0.000028. Fascinatingly, analysts believe that SHIB can make a 68% run to reach $0.000032 before targeting the crucial point at $0.000081.
Delving Deeper Into Shiba Inu’s (SHIB) Price Analysis
Assessing other metrics, we discovered that the Average Directional Index (ADX) was “standing�?at 16.46. Fortunately, the trend was moving upward, indicating that volatility is increasing from a lower level. The Moving Average Convergence Divergence (MACD) also indicates a bullish crossover while the Relative Strength Index (RSI) reads 56.96. Both readings signal a bullish outlook.
According to another analyst identified as Zach Humphries, SHIB could surge by 890% from the current position. This implies that the asset could hit a market cap of $100 billion and trade at $0.000171.
If $SHIB does a 10x from current price levels, we will see the asset hit over a $100B market cap. Here’s why it can happen 🧵BOOKMARK this. pic.twitter.com/SSfUNO6nIr�?Zach Humphries (@Z_Humphries) November 5, 2024
