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Shiba Inu has had an outstanding performance in its market recently and currently trades at $0.00001927 which is the result of a 7.37% gain over 24 hours and 17.71% increase over seven days. SHIB market cap is at $1.3 billion while trading volume for the last 24 hours has surged by 155.56% attaining $683 million worth of trading activities in that duration alone. This trend corresponds to an increasing level of crypto transactions witnessed on the entire market scene today.
Whale activities on the Shiba Inu network have been under the spotlight recently, as shown by fresh data from IntoTheBlock. A significant rise in transactions between large SHIB owners who are those with more than $100k worth of this crypto occurred on a single Saturday when it hit a total of $30.64 million, marking 46.9% growth compared to $20.85 million of the day before. Such an increase in big deals means that more major investors are getting involved.
Shiba Inu has witnessed some dramatic price swings in recent months.
After reaching its highest point on March 5 at $0.00004575, it dropped by 71% to reach its lowest ever figure of $0.00001821 on July 5th.
This drop came after the price base was supported by a former broken bullish flag, indicating that a possible retest of the pattern could be done. For over two months now, SHIB has been consolidating within a bullish pennant formation.
Nevertheless, SHIB broke out above short-term resistance around $0.00001818 due to current bullish momentum thus making this breakout signal for continuation upwards towards immediate targets created at double resistance zone at both horizontal line and Bullish Pennant Resistance converging at $0.00002222.
The MACD indicator is bullish, in that it is currently positive. As the MACD line crosses above the signal line, that means bullish momentum is gathering steam. Also supporting a rising trend is the daily Money Flow Index (MFI) which stands at 51%. The MFI assesses money flow among cryptocurrencies and its current level indicates more inflow than outflow of funds in SHIB, this is a good signal for future price rises too.
Based on the complex patterns of Elliott Wave analysis, leading analysts have predicted a possible major boost in Shiba Inu prices. Analyst Michael asserts that SHIB has just entered into last corrective wave labeled as 'c'. Consequently, it will enter into an impulsive wave 3, which is usually strongest and longest Elliot Wave cycle. This signifies movement upwards in earnest by all means.
In Michael’s analysis, he has identified many supports and resistances: a good support at $0.00000800 and a strong resistance at $0.00002300 and above; the volume profile shows a lot of buying and selling interest in the range of $0.00001000 to $0.00002300 which highlights areas of strong market activity.
Michael has established two important price targets for SHIB in preparation for wave 3. The first target is set at $ 0.00002345 which aligns with a breakout from an existing bull flag pattern, while the more ambitious target is set at $0.00010114 that represents the completion of wave 3, indicating trends that will lead to further rise in prices of SHIB if it doesn’t cease being bullish anytime soon.
Moreover the former President Donald Trump announced that he will take Shiba Inu (SHIB) as campaign donations thereby adding to the bullish sentiment on this digital asset. This could improve its visibility and adoption leading to potential price increases.
If SHIB resists bearish sentiment and its current bullish sentiment is broken it could touch a top of $0.00004575 in the near future. However this depends on many factors. In terms of the recent surge and technical indicators SHIB is ideally placed for more gains in the next few months.
