Shiba Inu (SHIB) recently sliced through its most challenging resistance, signaling an awakening of the “Old Giant” leading to price surge of more than 31% in the last 24 hours as at press time.
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Traditionally labeled as just another memecoin, SHIB has evidently constructed a substantial foundation around itself, possibly exceeding the simplicity expected of its genre possibly because of the Shibarium ecosystem.
SHIB area chart | Source: CoinMarketCap
This raised questions about its evolving complexity and whether it still aligns with the quick, straightforward appeal typical of memecoins.
Following the increase, SHIB broke its downward trend. The memecoin was under bullish control as confirmed by the RSI which was in the overbought territory, and the strong upward momentum supported by growing trading volumes. The breach of resistance could potentially transform it into a new support zone.
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SHIB/USDT daily chart | Source: Trading View
Considering Fibonacci extensions, especially the critical 1.618 level from its all-time high, suggested that SHIB could see an exponential rise, possibly by over 600%.
However, the immediate future depends on whether SHIB can maintain its position above this newly established support. If it holds, we could witness further ascents, confirming the bullish outlook for SHIB in the near term.
What the 50% Fibonacci Retracement Level Means…
Additionally, Shiba Inu’s price broke above the 50% Fibonacci retracement level at $0.00002345, indicating potential for broader altcoin movements. Breaking of the level by SHIB is a signal for the anticipated “alt season”.
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Analysis of SHIB’s price showed that it previously struggled to maintain above the 50% Fib level, making it a key resistance zone. However, the recent upward approach suggested a change in market sentiment as Investing Haven noted on X.
Should SHIB successfully retest and sustain above $0.00002345 level, it could lead other altcoins, possibly kicking off a widespread rally. The prospect of SHIB maintaining above this level could draw more attention into the altcoin market, enhancing overall market vitality.
Whale Starting to Move Shiba Inu – What Now?
The activity on SHIB suggested whale movements, particularly the recent withdrawal of 41.36 Billion SHIB, valued at approximately $1.07 Million, from Coinbase to a private wallet. The wallet was dormant for three years with this move by a single entity, signaled a notable shift in strategy by large holders.
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Historically, when whales withdraw a massive quantity of tokens to private wallets, it indicated a long-term bullish sentiment, suggesting they anticipated the asset’s value to increase and were positioning for substantial future gains. This reduces the immediate sell pressure on the market.
SHIB Whale activity | Source: X
The move could further tighten the circulating supply of SHIB, creating a potential upward price pressure if demand remains steady or increases.
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Given the magnitude of the accumulated SHIB by this whale, the market could see continued upward momentum as long as the major players hold onto their stakes. This whale’s actions could be interpreted as a strong signal of confidence in the future value of SHIB.
