Shiba Inu [SHIB], the world’s second-largest cryptocurrency based on a meme, is gearing up for a bullish phase following a period of consolidation lasting almost 10 days. Reports suggest that major investors and institutions have purchased a substantial amount of 1.67 trillion SHIB tokens from various exchanges, according to a noted cryptocurrency analyst.
Notable Increase in Holdings of 1.67 Trillion SHIB Tokens by Crypto Whales
In addition, the analyst pointed out a considerable uptick in the movement of SHIB tokens out of exchanges on November 7th, leading to a remarkable 62% surge in the price of SHIB. This time around, experts and crypto enthusiasts anticipate a similar positive trend for the meme-based cryptocurrency.
Aside from the significant acquisitions, large investors and traders seem to be actively engaging with SHIB, contributing to a notable 98% uptick in the volume of large transactions, as per insights from the blockchain analytics company IntoTheBlock.
With these substantial purchases and the spike in large transaction volume, it indicates an opportune moment for buying and suggests a bullish trajectory.
Technical Analysis and Key Levels for SHIB
As per expert technical analysis, SHIB is currently breaking out from a bullish descending triangle on the four-hour chart at the moment.
Given the current price movement, a successful breakout and closure of a four-hour candle above the $0.000025 threshold could pave the way for SHIB to potentially soar by 45% and reach the $0.0000365 mark in the near future.
Moreover, SHIB is above the 200 Exponential Moving Average (EMA) on both the four-hour and daily charts, indicating an upward trend. Simultaneously, its Relative Strength Index (RSI) hints at possible positive momentum in the days ahead.
Bullish On-Chain Metrics for SHIB
Aside from the technical analysis, on-chain metrics provide additional support for a bullish outlook on the meme cryptocurrency. Coinglass, an on-chain analytics firm, reports that SHIB’s open interest (OI) has been seeing a significant uptrend, signaling increased trader involvement post-breakout.
Within the last four hours, SHIB’s OI has surged by 4.95%, with an additional 2.15% increase in the most recent hour.
Furthermore, the long/short ratio for SHIB on Binance is presently at 3.50, indicating a strong bullish sentiment among traders. Currently, 77.8% of top traders on Binance have long positions, while 22.2% hold short positions.
Considering these on-chain metrics and technical analysis, it suggests that buyers are currently in control of the asset and may bolster its forthcoming upswing.
At the time of reporting, SHIB was trading around $0.0000257 and has seen a gain of 1.2% in the last 24 hours. During this timeframe, its trading volume has surged by 10%, signaling increased activity from traders and investors compared to the previous day.