SHIB is targeting a 4x increase with a large investor pool. Technical indicators are also showing bullish trends and experts are making positive predictions for SHIB.
In the last 24-hour period, the SHIB price is trading around $0.00001880, down 0.6%. This decline is reminiscent of the price movements in Dogecoin. SHIB prices, which were horizontal during the election period, have recently started to attract attention with the intense purchases of large investors. This movement may be a sign of an increase in prices.
According to IntoTheBlock data, SHIB large investors have accumulated 7,469% in the past week. Although monthly NetFlow data is 3,000% lower than last month, the weekly accumulation trend shows that investor interest is increasing. The increase in large volume transactions indicates that demand for SHIB is strengthening.
Analysts' Expectations
Crypto analyst Javon Marks expects SHIB price to rise to $0.000081. Marks notes that SHIB’s Relative Strength Index (RSI) is showing a “falling wedge bullish formation” on the daily chart, signaling the beginning of an uptrend. If this holds true, SHIB could see a four-fold increase in price.
Price action suggests that a four-month-old symmetrical triangle formation is close to being broken. The triangle’s upper trend resistance is located at $0.00002050, while support is at $0.00001260. The price is currently trading just below this resistance, and more volume is likely to be needed.
Indicators and Bullish Signals
The Average Directional Index (ADX) is at 16.46 on the daily chart. This means that low volatility may increase and buying pressure on SHIB may strengthen again. Also, the MACD indicator is giving bullish signals, while the RSI is at 56.96. This shows that the price has the potential to continue an upward move before reaching the overbought territory. These indicators indicate that SHIB may see an increase in price in the short term.
However, it is important to remember that the crypto market is inherently a rapidly changing structure. It is emphasized that investors should always make their own decisions by doing their own research.