Shiba Inu (SHIB), the second-largest meme cryptocurrency, is in the sights of whales and institutions amid a price consolidation that signals a bullish trend. According to on-chain analytics firm IntoTheBlock, SHIB’s volume has increased by 98% in the past 24 hours, indicating significant participation from whales and institutions.
Whale Activity: Massive Trading Volume Spikes 98%
This significant increase is a bullish sign for the asset and may support the upcoming rally as it has the potential to attract retail investors and traders. Additionally, SHIB's foreign reserves have decreased significantly in the last 24 hours, further reinforcing SHIB's bullish outlook.
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Whales withdraw 1.67 trillion tokens
According to blockchain analytics firm Santiment, over 1.67 trillion SHIB worth nearly $41 million was withdrawn from exchanges in the last 24 hours. Historically, the last time SHIB experienced a similar surge in outflows from exchanges, the meme coin recorded a price increase of nearly 62%.
However, this time investors and whales have shown strong participation, reflected in the trading volume, likely driven by expectations of an upcoming price increase for SHIB, leading to the withdrawal of trillions of tokens.
Current price momentum
Although on-chain metrics indicate bullish momentum, SHIB is currently struggling to gain traction. At the time of press, the meme coin is trading near $0.000024 and has recorded a price drop of 3.25% in the last 24 hours.
During the same period, the trading volume of this stock decreased by 12.5%, indicating reduced participation from traders and investors as the price of FLOKI is in the process of consolidation.
Technical analysis of SHIB and upcoming levels
According to CoinPedia's technical analysis, SHIB is forming a descending triangle pattern on the four-hour timeframe and is currently on the verge of a breakout. Based on historical price momentum, if SHIB breaks this pattern and closes a four-hour candle above $0.000026, the meme coin could potentially rise by 13% to reach the next resistance level of $0.000030.
Furthermore, if SHIB breaks through this barrier, it is highly likely that the price will increase by an additional 25%, targeting the $0.000038 mark as the second milestone.
As of now, the technical indicators of SHIB including the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA), indicate bullish momentum and suggest further potential price increases in the coming days.
