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The consolidation phase in SHIB price, marked by resistance at $0.000018 and support at $0.000016, has prompted Shiba Inu whales to gradually increase their holdings.
Key Notes
Data from Santiment indicates a 0.4% rise in the number of SHIB whales, while inflows from large holders surged by 15% over the past week.If whale accumulation triggers a broader market buying spree, SHIB could break its current resistance and rally towards $0.000020.Also, the upcoming launch of the Shib Doggy DAO Foundation aims to enhance decentralization within the Shiba Inu ecosystem.The world’s second-largest meme coin Shiba Inu SHIB $0.0000 24h volatility: 5.0% Market cap: $10.52 B Vol. 24h: $562.45 M has faced a strong rally this past week in the broader market recovery. However, amid the altcoin selling pressure, it is trading 4.68% down at $0.0000179 with a market cap of $10.55 billion and the daily trading volume tanking by 38% to $391 million.
However, this has created a favorable opportunity for the Shiba Inu whales to jump in and kickstart a gradual SHIB accumulation phase. If SHIB whales ignite a broader market buying spree, the cryptocurrency could see a 32% increase.
Shiba Inu Whales Spot an Opportunity
Currently, the Shiba Inu price is trading rangebound facing resistance at $0.000018 and finding support at $0.000016. The narrowing gap between its Bollinger Bands shows a clear sign of consolidation.
Bollinger Bands, which gauge market volatility, help identify potential overbought or oversold conditions. When the bands move closer together, it indicates reduced volatility, suggesting the asset is confined to a tighter range. This phase of low volatility often foreshadows a breakout, where a significant price move could occur as volatility increases again.
Courtesy: Trading View
The current consolidation phase, with no clear dominance from either bullish or bearish sentiment, has created an appealing entry opportunity for whales. Moreover, analyzing the Shiba Inu whale activity shows that these major investors have been gradually increasing their holdings.
Santiment data reveals that the number of Shiba Inu whales holding between 10,000 and 1,000,000 coins has risen by 0.4% in recent days.
At the same time, inflows from the large holders have surged by 15% over the past week, thereby confirming the SHIB whale buying activity. An increase in inflows from large holders suggests that whales are transferring substantial amounts of the asset into their wallets. This bullish signal can encourage retail investors to purchase the asset, further driving up its value.
Courtesy: IntoTheBlock
SHIB Price Prediction: A 32% Rally Ahead?
If this surge in the Shiba Inu whale accumulation triggers major buying, the SHIB price can see a breakout from the consolidation range and enter an uptrend. The price is likely to break through the $0.000018 resistance level and potentially rally towards $0.000020, a level not reached since June.
Courtesy: TradingView
If whale activity diminishes, Shiba Inu’s price may stay within its narrow trading range for a longer period than expected. This situation could result in a potential drop below the $0.000016 support level, with the price possibly falling to $0.000010.
On the other key developments within the Shiba Inu ecosystem continue further. The Shib Doggy DAO Foundation is set to launch, ushering in a new chapter for Shib State and paving the way for a fully decentralized and autonomous future.
A DAO (Decentralized Autonomous Organization) is a governance model that empowers holders of key tokens — Shib, Bone BONE $0.40 24h volatility: 1.3% Market cap: $101.25 M Vol. 24h: $2.71 M , Leash LEASH $277.5 24h volatility: 2.7% Market cap: $29.85 M Vol. 24h: $2.25 M , and Treat — to make important decisions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
