- Whale activity for Shiba Inu surged 92%, with $46M in transactions, raising questions about a potential rally to $0.00002.
- SHIB has gained 48% since the last market crash, with whale accumulation and Shibarium developments fueling bullish sentiment.
- SHIB faces resistance at $0.000017, and a breakout to $0.00002 could signal a 17.77% rise, but caution is advised for potential reversals.
Shiba Inu (SHIB) shows immense potential for a big price movement in the near future. The whale activity for SHIB has been increased by 92% and in a single day, 24 large transactions worth $46 million were recorded. This surge in the whale transactions has made some people have more questions about the future of the coin. Is SHIB on its way towards the price of $0.00002, or is that just another memecoin madness?
SHIB has increased by 48% since the last crash in the market. There is a likelihood of a rally as suggested by the whale accumulation. Recently, a number of large funds have invested in SHIB, which means that it can go up in price at any time. Along with whales, developments of Shibarium are also on the rise in the Shiba Inu community. In its ongoing Bull Run, SHIB could find the answer to mobility in any of these advancements.
Shiba Inu Crucial Resistance Level
At the time of writing, SHIB is hovering around $0.000017 level that can be deemed as a crucial resistance level. After several days of convergence, it has not been possible to break through this level. In fact this resistance also coincides with it with the 20 day of the Bollinger Bands. The median line is vital to the movements of the price of SHIB. In the case when SHIB breaks out above this level, it can be directed towards the upper Bollinger band, which is $0.00002.
A rise to the upper Bollinger Band would mean an increase of 17.77 percent in the price. This in particular will act as a bullish signal since it would breach higher resistance levels. Still, traders should be careful should the price advance to the upper band. Probably, this may bear the signs of a potential “flip” in the prices.
Source: TradingView
If it is not able to move past the resistance then the price may decline. The lower Bollinger Band is $0.000014, and it is 15.27% below the current price. A fall to the lower band indicates that Shib can turn oversold hence having a bounce back opportunity. This may prevent more losses in the event.
Impact of Burn Rates
Nevertheless, the Shiba Inu community is continuing to indicate negative signs concerning the token burn. SHIB burned only 708,198 in the last 24 hours, representing a 95.04% decrease in the prior burn rates. For the past week, the burn rate was down by 20.77% of the total with only 58,303,050 Shiba Inu coins that were burned. This decrease in burns may put extra pressure on the price of SHIB in the forthcoming days.
Due to the volatility of the Shiba Inu coin, which has bounced between support and resistance levels, there is keen focus on the price of SHIB. Based on the formation of Bollinger Bands one can deduce that this was a high likelihood for a large movement in price. The direction, however, remains uncertain. The prospects of SHIB bouncing above the resistance level or falling down depend on how it will handle the support and the resistances figures. The price swings of SHIB have remained volatile in the last few days, and the succeeding days will define its trend.