As Whales Congregate The Price of Shiba Inus is Expected to Soar
The Shiba Inu price is stabilizing between $0.0000296 and $0.0000207.
With increased idle wallets and decreasing exchange supply, on-chain data supports SHIB.
A daily candlestick closing below $0.0000207 would disprove bullishness.
Increased wallet activity and whale accumulation suggest Shiba Inu (SHIB) price consolidation may end shortly.
Shiba Inu price fell 60% from its local peak at $0.0000456 on March 5 and began consolidating between $0.0000296 and $0.0000207. The daily EMA at $0.0000232 has sustained SHIB's month-long rebound. If purchasers are done accumulating, meme coin may rise.
SHIB must exceed the range's top limit at $0.0000296 as it rises. Defying this obstacle might boost prices by 10% to $0.0000320, its previous daily resistance level.
The Relative Strength Index (RSI) has crossed its mean level of 50, indicating a positive momentum rebound. The Awesome Oscillator (AO) is losing velocity as it approaches its mean level of 0. The momentum indicators should stay above their mean levels to suggest bulls are serious.
Such a perspective might boost SHIB by 13% to $0.0000359, its daily resistance, on March 4. This would be a 40% increase from $0.0000256.
Santiment's Whale Transaction Count, which records transactions worth $100,000 or more, rose during the June 5 price drop, indicating whale accumulation.
In the recent three days, exchange-held SHIB declined from 76.37 trillion to 75.34 trillion, supporting our view. The 1.3 % dip suggests investors are confidence in Shiba Inu's price performance and are withdrawing from centralized platforms. This indicates that holders are not selling, which is positive.
Despite excellent technical analysis and on-chain data, Shiba Inu price will establish a lower bottom on the daily time frame if the daily candlestick closes below $0.0000207, signaling a bearish market structure. Thus invalidating the bullish premise might cause a 12% drop to $0.0000183.
