Shiba Inu set for a breakout? Whale activity suggests big moves ahead

SHIB could soar by 50% to reach the $0.000044 level if it closes a daily candle above $0.0000295.
The combination of on-chain metrics with the technical analysis hints that traders are confused.

As a seasoned crypto investor with a knack for deciphering market trends and analyzing on-chain data, I must say that the current state of Shiba Inu [SHIB] intrigues me. The whale accumulation, as reported by IntoTheBlock, is indeed a bullish sign, but the drop in open interest suggests traders might be getting cold feet.

During this prolonged cryptocurrency rally, Shiba Inu [SHIB], the second most prominent meme token, has faced difficulties since November 12th, following a significant breach in its descending trendline.

Meanwhile, information from a blockchain analysis company indicates a growing appetite among whales and institutional investors towards the meme coin, resulting in significant hoarding.

Shiba Inu whales increase their holdings

According to IntoTheBlock, a company specializing in on-chain analysis, there’s been a 425% surge over the last month in the number of whales and institutions holding Shiba Inu (SHIB) tokens worth between $1 million and $10 million. This significant increase suggests growing institutional interest during this period of price consolidation.

The progression suggests that major entities may be gearing up for a possible surge. Furthermore, it indicates potential chances for purchase and a predicted upward trend within the near future.

SHIB technical analysis and key-level

Based on the technical assessment by experts, Shiba Inu (SHIB) is currently holding steady within a narrow band close to a robust resistance point at approximately $0.000029. This period of consolidation near a resistance barrier can frequently be interpreted as a possible buy signal, as traders and investors typically gather tokens at this level for accumulation purposes.

Looking at current market trends, if Shiba Inu (SHIB) manages to surpass its present zone and end a daily session above $0.0000295, it’s quite likely that we might see the meme coin jump by approximately 50% to potentially reach around $0.000044 within the next few days.

Currently, Shiba Inu (SHIB) is experiencing an upward trend because it’s trading above its 200 Exponential Moving Average (EMA) on the daily chart. Furthermore, its Relative Strength Index (RSI) indicates a possible increase in momentum in the near future, as its value remains below the overbought zone.

Mixed sentiment from on-chain metrics

Despite the bullish technical analysis, SHIB’s on-chain metrics show mixed sentiment among traders. According to Coinglass, the meme coin’s open interest (OI) has dropped by 10.25% in the past 24 hours.

The decline in Open Interest (OI) indicates that traders may be closing their trades since the price seems to be stabilizing for now.

Currently, significant points for liquidation among heavily leveraged traders are situated around 0.00002546 USD. At this price point, traders have amassed approximately 1.8 million dollars in long positions.

In contrast, the value of $0.00002861 leans towards the higher end, as traders have accumulated short positions totaling approximately $3.6 million.

It seems that when we blend these blockchain statistics with conventional trading strategies, there’s a sense of uncertainty among traders. They might also be anticipating a burst from the current phase of consolidation.

Currently, Shiba Inu (SHIB) is close to being priced at around $0.000026 per token, and over the last 24 hours, its value has dropped by approximately 5.20%.

Over that specific timeframe, I noticed a decrease of 17% in the trading volume, suggesting less involvement from fellow traders compared to the day prior.

2024-11-25 09:43

Shiba Inu whales increase their holdings

SHIB technical analysis and key-level

Mixed sentiment from on-chain metrics

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