Shiba Inu (SHIB) currently needs help finding a clear direction, with its key momentum indicators signaling a reduction in bullish momentum.

However, this has created a favorable buying opportunity for large investors who have been gradually accumulating the cryptocurrency over the past few days. In this sense, if whales manage to trigger a broader buying frenzy in the market, SHIB could see a 32% gain. But when could this happen?

Shiba Inu whales spot an opportunity

Since entering a sideways trend, Shiba Inu price has found resistance at $0.000018 and support at $0.000016. A key indicator of this consolidation is the narrowing of the gap between the upper and lower bands of its Bollinger Bands.

Bollinger Bands, which measure market volatility, are useful for identifying potential overbought or oversold conditions. When the distance between the bands narrows, it signals a decrease in volatility, suggesting that the asset is trading within a tighter range.

This low volatility phase often precedes a breakout, where a sharp price move can occur as volatility increases again.

Bollinger Bands do Shiba Inu. Fonte: TradingView

This consolidation phase, where neither bullish nor bearish sentiment dominates the market, has created an attractive entry point for whales. In this sense, large holders have been accumulating more and more SHIB units.

According to data from Santiment, the count of whales holding between 10,000 and 1,000,000 coins has increased by 0.4% in the past few days.

Shiba Inu Supply Distribution. Source: Santiment

Additionally, large holder inflows have increased by 15% over the past seven days, confirming their buying activity. When large holder inflows increase, it indicates that whales are moving significant amounts of the asset into their wallets.

This is a bullish signal that could also encourage retail investors to buy the asset, which will help drive up its value.

Influx of Large Shiba Inu Owners. Source: IntoTheBlock

Read more: Best exchanges to buy Shiba Inu (SHIB)

Price prediction

If the increase in whale accumulation triggers widespread buying, Shiba Inu could break out of its tight range and enter an uptrend. The price would likely break above the $0.000018 resistance level and move towards $0.000020 — a level not seen since June.

Shiba Inu Price Analysis. Source: TradingView

However, if whale activity subsides, Shiba Inu may remain stuck in its tight trading range for longer than anticipated. This could also lead to a possible drop below the $0.000016 support level, with the price possibly retreating to $0.000010.

The article Shiba Inu (SHIB) Whales Prepare for Possible Gain – Analysis appeared first on BeInCrypto.