Shiba Inu (SHIB) has been experiencing a remarkable movement in the crypto market lately. The large amounts of SHIB being collected by whales and the positive signs in technical indicators indicate that this meme coin project may soon start a major rally. SHIB has been trading in a narrow price range for the past two weeks. However, this situation seems to change soon. Here are the technical indicators and critical levels.
Whales and Institutional Investors Are Turning to This Meme Coin Project
Over the past three days, whales and institutional investors have amassed 5.45 trillion SHIB tokens. The total value of these purchases is $162 million. According to Glassnode data, there has been a large outflow of SHIB from exchanges. These movements have increased investors’ interest and confidence in SHIB.
Another notable development was the withdrawal of 60 billion SHIB tokens from Binance to a new wallet. This transaction will reduce the selling pressure. It will also prevent the price from falling further. Such movements during the consolidation period of SHIB indicate a rally in the near future.
Technical Indicators and Critical Levels
Technical analysis shows that SHIB is currently in a narrow consolidation zone. If the price breaks the $0.00002644 level, it will rise 40% to $0.000037. Also, the Relative Strength Index (RSI) is at 58. This suggests that SHIB has growth potential and is not in the overbought zone.
Analysts are noting that SHIB could start a strong uptrend after breaking above the weekly Ichimoku Cloud . The first resistance is pointed to as $0.00003100. Also, the target of $0.0000555 by the end of the year seems within reach for investors.
Meme Coin Community and Rising Burn Rate
The SHIB community has seen a 23,265.28 percent increase in burn rate in the last 24 hours. This development creates a positive atmosphere within the community and indicates that the price may move upwards. As we reported at Kriptokoin.com, it is critical for short-term investors to refrain from selling their tokens in order to maintain the value of cryptocurrency prices.
Finally, SHIB price has formed a bull flag on the daily chart. This formation suggests that the price may breakout to the upside after a period of consolidation. If buyer pressure increases, SHIB’s value will rise to $0.000030. However, if more tokens are moved to exchanges, the price could drop to $0.000020.
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