Following substantial gains from PEPE, a whale shifted focus to SHIB. Supported by indicators like AO and Supertrend, SHIB surged to $0.000015. However, capital rotation and profit-taking may push PEPE down to $0.0000027.
According to Spot On Chain, a whale made $3.47 million from Pepe (PEPE) after the meme coin reached an all-time high. Spot On Chain observed that the whale transferred all 1.97 trillion PEPE tokens owned to Binance, as profits on the holdings had surged by 135%.
Whale Shifts Holdings from PEPE to SHIB
After depositing the tokens, the whale purchased 75.91 billion Shiba Inu (SHIB) tokens and withdrew them from Binance.
After $PEPE reached new ATH, smart whale 0x37d deposited all 1.97T $PEPE ($6.06M) to #Binance ~7hrs ago, making $3.47M (+135%) if truly selling.
Moreover, the whale withdrew 75.91B $SHIB ($893K) from #Binance for the first time ~1hr ago. Bullish for a $SHIB pump soon? 🤔
Follow… pic.twitter.com/dEX9SgQXrR
— Spot On Chain (@spotonchain) February 29, 2024
PEPE’s price surged by 182% in the last seven days. Meanwhile, within the same period, Shiba Inu’s price rose by 39.14%, as indicated by CoinMarketCap.
Analyzing Shiba Inu (SHIB) Price
SHIB exited its long-standing consolidating phase as bulls seized the $0.00000942 support, propelling its price to the $0.000011 region. Despite encountering minor resistance at $0.00001134, bullish sentiment prevailed, leading SHIB to breach the hurdle.
Signals from the 4-hour chart indicated bullish momentum, with the Supertrend indicator flashing a buy signal at $0.000010. The green segment of the indicator overshadowed the red area, suggesting increased buying pressure.
At press time, SHIB’s price stood at $0.00001359. Additionally, the Awesome Oscillator (AO) reading was positive, indicating a surge in upward momentum that could drive prices higher.
SHIB/USD 4-Hour Chart (Source: TradingView)
From a bullish perspective, SHIB’s price could potentially extend to $0.000015 in the short term. However, profit-taking by traders could lead to price declines. While SHIB may replicate PEPE’s performance in the long run, achieving similar gains within a week is not guaranteed.
PEPE/USD Price Analysis: Market Structure and Potential
The PEPE/USD 4-hour chart exhibited a market structure reminiscent of SHIB’s. However, PEPE’s attempt at reaching another high was met with rejection as its price briefly touched $0.0000035 before swiftly falling back to $0.0000031.
Currently, the Relative Strength Index (RSI) stands at 77.42, signaling that the token is overbought. In such circumstances, there is a possibility of PEPE’s price declining.
PEPE/USD 4-Hour Chart (Source: TradingView)
Examining the 0.382 Fibonacci retracement level suggests that PEPE could retreat to $0.0000027. Should the token reverse its gains, traders might consider purchasing at a discounted rate, potentially driving the price upwards.
However, it’s essential to note that an increase in capital rotation, akin to the whale’s shift to SHIB, could challenge the bullish outlook for PEPE.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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