Shiba Inu (SHIB) Price Surge Imminent Amid 7,000% Whale Accumulation

SHIB whales sense something is about to happen as they have been loading up on the tokens massively over the past week. Data from IntoTheBlock (ITB) shows whales have increased their SHIB holdings by 7,469% in just 7-days.

Crypto asset prices have been largely dictated by the macroeconomic environment in 2022, with the Federal Reserve’s interest rate hikes impacting the total crypto market capitalization. However, as prices have retraced and stabilized, on-chain metrics are signaling a bullish outlook for Shiba Inu (SHIB) price.

SHIB price has been lackluster during the recent electioneering period, and the token’s price has retraced 0.6% in the past 24 hours, trading at $0.00001880. However, large investors are accumulating the token en masse, which could foreshadow a coming price surge.

Shiba Inu Price Surges Imminent Amid 7,469% Whale Accumulation

SHIB whales have been actively accumulating the token over the past week, and large investors’ bullish outlook on SHIB is evident in the on-chain data.

According to IntoTheBlock (ITB), whale holdings have increased by 7,469% in just 7 days. The الكبير الحجم holder NetFlow also shows a 3,000% increase over the last month, suggesting that the الكبير الحجم holders are rapidly changing their positions.

This is further confirmed by a spike in the large holder transaction count, which increased from 53 transactions (txs) to 324 txs. This suggests that large investors are keenly interested in SHIB because they anticipate the price may surge.

As previously covered by Finbold, famous crypto analyst Javon Marks maintains his prior prediction that SHIB price will rally to $0.000081.

According to Marks, the SHIB RSI confirms a falling wedge bull pattern on the daily chart. If his assessment is correct, this will constitute a 4X rally from the current price.

Shiba Inu Price Forecast: Barriers To Beat For 4X Returns

The SHIB price on the daily 1-Technical Analysis Summary chart suggests that the asset has broken out of a symmetrical triangle. The triangle is within a four-month range with resistance at $0.00002050 and support around $0.00001260.

The price is currentlyرةحة above the upper trend resistance (R1) of the triangle, and further volume would be needed to break above the overhead resistance at $0.00002050.

If the price rises beyond the resistance, it would immediately soar 45% to $0.000028 and 68% to $0.000032 before moving higher to $0.000081.

Disclaimer: The opinion expressed in this article does not constitute financial advice and is solely the viewpoint of the European Union covered subject matter. European Union covered cryptocurrency assets are subject to high market risk and price volatility. European Union covered subjects advise performing due diligence before making Any investment decisions and problems Take full responsibility for total or partial investment losses.

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