Shiba Inu (SHIB) nears breakout as whales accumulate
The Key Takeaways:
- Shiba Inu (SHIB) may be on the verge of a bullish breakout.
- On-chain data shows increased accumulation by whales.
- The current price of SHIB is 0.0000134 USD, with a potential 20% increase.
- Social signals indicate rising interest, which could influence the price.
Shiba Inu: Is a Bullish Breakout Imminent?
Shiba Inu (SHIB), one of the most well-known memecoins on the market, could be entering a decisive phase. After months of selling pressure, technical data suggests that SHIB may be on the verge of a significant price increase. The current price of 0.0000134 USD could rise by 20% in the near future if certain chart patterns are broken.
Technical Analysis: Wedge Pattern and Price Targets
Shiba Inu has been moving within a long-term wedge pattern. This pattern forms when the highs and lows of an asset narrow over a prolonged period. The price is now approaching the lower end of this pattern, indicating a potential breakout. If the price breaks out of this wedge, the next target could be around 0.0000161 USD, representing a 20% increase. Another resistance level lies at a 45% price increase.
On-Chain Data: Whales Accumulating
Another key factor pointing to a potential price increase is the activity of so-called “whales” – large investors who hold significant amounts of cryptocurrency. According to data from IntoTheBlock, approximately 2.09 trillion SHIB have been accumulated by large holders in the past 24 hours, while outflows amounted to just 527.8 billion SHIB. This discrepancy shows that whales are still betting on a price rise and are increasing their holdings.
Social Signals: Growing Interest in SHIB
In addition to the technical and on-chain data, there are also indications from social media that point to a possible price increase. SHIB has been one of the most discussed cryptocurrencies on platforms like X (formerly Twitter) in the past 24 hours. This growing interest could attract more investors and further support the price.
Derivatives Market: Long Positions Dominate
The derivatives market also presents a bullish picture. According to data from Hyblock Capital, long positions outweigh short positions, indicating that many traders are betting on a price increase. However, the number of short positions remains relatively low, at less than 300,000, suggesting some caution in the market.
Our Assessment
Shiba Inu is currently showing several signs of a potential price increase. Both technical and fundamental data suggest that a breakout from the current wedge pattern could be imminent. The increased accumulation by whales and the growing interest on social media are also positive indicators. However, investors should remain cautious, as the cryptocurrency market is known for its volatility, and trends can change quickly.
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