After notable price surges in several cryptocurrencies, a crypto whale has made a significant bet on Shiba Inu (SHIB), which is poised for upside momentum. On January 1, 2024, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a crypto whale had withdrawn 220 billion SHIB meme coins, worth $4.63 million, from Binance.
Whales Buy 220 Billion SHIB Coins
Lookonchain also noted that this wallet holder made the substantial acquisition after remaining dormant for five months. This suggests the whale’s belief in and confidence in the meme coin. Additionally, it indicates an ideal buying opportunity and potential upside momentum.
Despite this notable acquisition, the meme coin did not experience any significant rally, though it gained a modest 4% upside momentum. Currently, SHIB is trading near $0.000022 and has recorded a price surge of over 7.65% in the past 24 hours.
During the same period, its trading volume increased by 53.21%, indicating heightened participation from traders and investors amid a shift in market sentiment.
Shiba Inu (SHIB) Technical Analysis and Upcoming Levels
With this substantial acquisition and price surge, SHIB has broken out of a descending triangle price action pattern on a four-hour time frame, signaling a shift in market sentiment among traders and investors.
Shiba Inu Price Prediction
The recent price action reveals that if SHIB closes a four-hour candle above the $0.00002250 mark, there is a strong possibility it could soar by 30% to reach the $0.000029 mark in the near future.
On the positive side, SHIB’s Relative Strength Index (RSI) currently stands at 58.9, meaning it is below the overbought zone. This indicates that the asset has sufficient room to soar in the future.
Bullish On-Chain Metrics
Currently, traders have increased their participation and interest in the meme coin, as revealed by Coinglass. The data shows that SHIB’s open interest has risen by 16% in the past 24 hours, reflecting growing confidence and interest among traders.
Additionally, on-chain metrics reveal that SHIB’s Long/Short Ratio currently stands at 1.09, indicating strong bullish market sentiment among traders. At present, 52.37% of top traders hold long positions, while 47.63% hold short positions.
Combining these on-chain metrics with technical analysis suggests that bulls are currently dominating the asset and could help the meme coin breach the $0.00002250 hurdle, paving the way for further upside momentum.
