Shiba Inu, one of the most popular meme coins in the crypto space, has shown a significant uptrend recently.
Large-scale investors, commonly referred to as “whales,” appear to be driving this upward momentum.
On-chain analytics platform LookonChain reported that a major Shiba Inu whale has made substantial purchases.
Discover the latest trends in Shiba Inu as it experiences a significant surge driven by whale activity. Could this mark the beginning of a new bullish phase?
Major Whale Activity Fuels Shiba Inu’s Upward Trend
Recently, Shiba Inu has caught the attention of investors and traders, once more sparking interest in meme coins. According to LookonChain, a well-known on-chain analytics platform, a cryptocurrency whale, who previously made significant gains from Shiba Inu, has resumed accumulating SHIB tokens. Historically, this trader invested approximately $400,000 in acquiring 5.5 trillion SHIB early on and sold them during two market peaks, garnering around $121 million in profits.
Remarkable Purchases Indicate Possible Future Price Movements
The recent substantial purchases by this whale underscore potential future price movements of SHIB, drawing significant attention from the crypto community. According to analysts, given this investor’s successful track record with SHIB, the recent acquisitions are perceived as a bullish indicator for the token’s future trajectory.
Analysts Predict a Major Bull Run for SHIB
Crypto analyst Tomiwabold Olajide has evaluated the technical setup for Shiba Inu, noting a surprising rebound. SHIB crossed above the 50-day Simple Moving Average (SMA) at $0.0000245, accompanied by a notable 10% price surge. This SMA value had acted as a resistance level since mid-April, preventing SHIB from breaking through. However, in late May, SHIB temporarily surpassed this barrier, reaching $0.0000294 on May 29.
The Impact of Resistance and Support Levels on SHIB
Following this peak, SHIB encountered resistance and saw a decline as profit-taking ensued. This drop led to SHIB falling below the daily SMA 50 after four consecutive days of losses, hitting $0.00002284 on June 4. Nevertheless, the token quickly rebounded from this low, moving back above the daily SMA 50 in today’s trading session. This sharp recovery above this critical threshold suggests a potential trend reversal, with SHIB establishing new support levels beyond the daily SMA 50.
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Conclusion
In summary, the re-emergence of whale activity in Shiba Inu points to a potentially bullish outlook for the token. The recent technical developments and significant purchases by influential investors suggest that SHIB might be on the brink of another major upswing. As the crypto community closely monitors these developments, maintaining strong positions above critical resistance levels could pave the way for further gains and possibly a new bullish phase for Shiba Inu.