Shiba Inu [SHIB], the world’s second-largest cryptocurrency meme token, seems to be gearing up for a bullish move after a period of consolidation lasting about 10 days. According to a well-known crypto analyst, whales and institutional investors have recently obtained a substantial 1.67 trillion SHIB tokens from exchanges.
Significant Acquisition of 1.67 Trillion SHIB by Crypto Whales
The expert also pointed out a notable increase in the movement of tokens away from exchanges on November 7, leading to a striking 62% price surge for SHIB. This time, there is anticipation among experts and crypto enthusiasts alike for a similar positive momentum for the meme token.
In addition to this considerable acquisition, there appears to be a heightened level of whale and investor activity with SHIB, resulting in a significant 98% spike in large transaction volume, as reported by the on-chain analytics company IntoTheBlock.
The confluence of these substantial acquisitions and the upsurge in large transaction volume presents a compelling buying opportunity and suggests a bullish trend for SHIB.
SHIB Technical Analysis and Critical Levels
According to expert analysis, SHIB is currently breaking out from a bullish descending triangle on the four-hour chart as of now.
If SHIB manages to break out and close a four-hour candle above the $0.000025 mark, experts believe there is a high likelihood that the meme token could potentially climb by 45% to reach $0.0000365 in the near future.
Furthermore, SHIB is presently trading above the 200 Exponential Moving Average (EMA) on both the four-hour and daily charts, signaling an upward trend. Moreover, the Relative Strength Index (RSI) indicates possible upward momentum in the days ahead.
Bullish On-Chain Indicators
In addition to technical analysis, on-chain indicators further bolster the positive outlook for the meme token. Coinglass, an on-chain analytics firm, reports a significant increase in SHIB’s open interest (OI), indicating heightened trader engagement post-breakout.
Over the last four hours, SHIB’s OI has surged by 4.95%, with an additional 2.15% increase in the most recent hour.
Furthermore, SHIB’s long/short ratio on Binance is currently at 3.50, reflecting a strong bullish sentiment among traders, where 77.8% of top traders on Binance hold long positions while 22.2% hold short positions.
The combination of these on-chain metrics and technical analysis signals a prevailing bullish sentiment in the market that could potentially fuel an upcoming rally for SHIB.
Currently, SHIB is trading close to $0.0000257 and has shown a 1.2% gain in the last 24 hours. During the same period, its trading volume has surged by 10%, indicating increased engagement from traders and investors compared to the previous day.