Whales Transfer $4.63 Million in SHIB, Shiba Inu Price About to Surge 260%
According to market data, the asset is currently trading at $0.00002208, with $387 million in trades at press time.
Meanwhile, whales are actively accumulating downside, which suggests renewed confidence and a possible bullish reversal.
Analyzing recent transactions by large investors, we found that a wallet withdrew up to $4.63 million worth of Shiba Inu from Binance for self-insurance.
Further analyzing the address, we found that the whale has been silent for five months.
Meanwhile, the asset has been struggling to break through the key resistance level of $0.000025.
Shiba Inu (SHIB) faces two major obstacles in the $0.00003 price range, namely $0.000023 and $0.000024.
In this range, 42,310 addresses purchased a total of 60.44 trillion SHIB tokens.
From this level, more critical resistance is found in the range of $0.000024 and $0.000030, where 208,010 addresses purchased 70.35 trillion SHIB.
Looking at the price chart, the asset has managed to hold above the $0.00002 support level, avoiding further declines during the large market liquidation.
Meanwhile, the relative strength index (RSI) shows that the dog-themed meme token has more room to rise, with a reading of 56.81.
The asset has just broken above a long-term trendline and retested it as support in the recent correction.
SHIB could rise by 260% in the short term to $0.000081.
A hidden bullish divergence has also been spotted, which is characterized by higher price lows and lower momentum lows.
For SHB to reach the predicted $0.000081 level, it must first break above $0.00003.
A break above the $0.00081 level could take the asset price to $0.000155.
Earlier, SHIB formed a cup-with-handle pattern on its weekly chart.
