Shiba Inu signals potential growth through whale activity and technical indicators
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Shiba Inu (SHIB) has recently gained significant attention, particularly due to predictions of a potential 260% increase in the coming months. Despite SHIB's decline of over 37% since last December, whale activity and technical analysis suggest that the token may be poised for a new upward trend.
Key Factors: Whale Activity and Technical Signals
Whale Activity: Recently, a whale withdrew 220 billion SHIB from Binance, worth approximately $4.63 million. Such a large withdrawal event is typically seen as a bullish signal, indicating that funds are flowing into SHIB rather than out. This could reflect investors' confidence in the potential for future price increases.
Technical Analysis:
Breaking Resistance and Retesting Support: The price of SHIB recently broke through the resistance level of $0.00002300 and successfully retested this level as support after a pullback. This is a strong bullish signal, indicating that market strength is shifting towards the bulls.
Hidden Bullish Divergence: Analyst Javon Marks pointed out that SHIB's price formed higher lows and lower lows in the momentum indicator, creating a "hidden bullish divergence." This divergence typically indicates that market momentum may be reversing and is a positive technical signal.
Key Resistance and Target Prices
Key Resistance at $0.00003: Currently, SHIB's biggest challenge is breaking through the strong resistance of $0.00003. This price area has historically seen significant selling pressure. If SHIB can break through this level, it may open up greater upward potential.
Short-term Target: $0.000081: According to analysis, once SHIB breaks the $0.00003 resistance, it could quickly rise to $0.000081, corresponding to a 260% increase. This suggests that SHIB may experience a rapid surge.
Long-term Target: $0.000155: In the long run, if market conditions continue to improve, SHIB's price could further rise to $0.000155. This would mark sustained growth for SHIB and reflect the overall recovery momentum in the cryptocurrency market.
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