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- Shiba Inu is predicted to surge by a significant margin from the current position as whales aggressively accumulate to increase activities by 7000%.
- An analyst has predicted that SHIB could surge by 890% to hit $0.000171 by the end of this cycle.
Following the recent explosive run that saw Dogecoin (DOGE) surging by 80% in the last 30 days to enter the $0.2 crucial resistance zone, Whales have started diversifying their portfolio as they turn to Shiba Inu (SHIB) for a potential imitation. In the last seven days, whale accumulation for SHIB has skyrocketed by a staggering 7,469%, signaling a possible 4X in the near term.
Analyzing IntoTheBlock data, we discovered that the monthly net flow is, however, 3,000% down from the previous month. Meanwhile, the large holders’ transaction count has increased from 53 to 324. Just a few days ago, large wallets traded 6 trillion SHIB tokens and pushed the transaction counts to 224.
Looking into this further, we also found that SHIB whales have been active in the past couple of months as a wallet withdrew 83.36 billion SHIB from Binance in October. In September, another whale withdrew $4 million worth of the asset from a centralized exchange.
Responding to these aggressive accumulations, SHIB has only managed a 30-day surge of 8% but has declined by 2.88% in the last 24 hours to trade at $0.0000186.
Subjecting the asset to technical analysis, a renowned trader identified as Ever Crypto Sage pointed out that SHIB is forming a bullish pennant that could send the price to $0.00003. Meanwhile, the market sentiment remains neutral as it trades above the 50-day SMA but below the 200-day SMA.
Our analysts have also observed that SHIB is currently hovering within a four-month range of $0.00002050 resistance level and $0.00001260 support level. The price is also reported to be trending above the upper resistance of the symmetrical triangle. A successful hold above this line could position the asset to a potential 45% surge to hit $0.000028. Fascinatingly, analysts believe that SHIB can make a 68% run to reach $0.000032 before targeting the crucial point at $0.000081.
Delving Deeper Into Shiba Inu’s (SHIB) Price Analysis
Assessing other metrics, we discovered that the Average Directional Index (ADX) was “standing” at 16.46. Fortunately, the trend was moving upward, indicating that volatility is increasing from a lower level. The Moving Average Convergence Divergence (MACD) also indicates a bullish crossover while the Relative Strength Index (RSI) reads 56.96. Both readings signal a bullish outlook.
According to another analyst identified as Zach Humphries, SHIB could surge by 890% from the current position. This implies that the asset could hit a market cap of $100 billion and trade at $0.000171.
If $SHIB does a 10x from current price levels, we will see the asset hit over a $100B market cap. Here’s why it can happen 🧵BOOKMARK this. pic.twitter.com/SSfUNO6nIr— Zach Humphries (@Z_Humphries) November 5, 2024
