A significant whale moved over 1.6 trillion Shiba Inu coin (SHIB) tokens worth about $39 million from Crypto.com to private wallets, reigniting conversations around the much-talked-about token.
Such whale activity usually signals massive price action, and when the whales enter the market, they enter it to accumulate or buy to initiate accumulation phases.
Despite SHIB’s struggles with short-term prices, these transactions demonstrate confidence in its long-term potential.
The move has sparked talk across social media platforms, with some predicting that SHIB is potentially on the cusp of a big move in the coming months.
Shiba Inu Coin Prices Tumble Despite Whale Activity
However, the whales’ recent movements haven’t necessarily lifted Shiba Inu’s price out of severe downward pressure.
The token, down over 10% on the day over the past 24, currently trades at $0.0000217. This fall is in line with the general tone of the cryptocurrency market, where multiple assets have experienced vertiginous pullbacks.
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The market cap of Shiba Inu coin at $12.78 billion is down 8.75%, which is similar to the price. But its trading volume has gone up a whopping 78.87 percent to $867.4 million.
What we see with increased volume could result from increased market activity and interest by traders and investors reacting to the whale transfer and speculating about the token’s next move.
SHIB price falls as the token fails to defend critical support. The asset has succumbed to unabating selling pressure during the past week, and retail investors are on tenterhooks.
However, there is a silver lining. Some look at this dip as a place where whales could pour more money, and a bounce could happen, thanks to various bullish technicals.
Technical Analysis Signals Possible Bullish Reversal
Technically, Shiba Inu displays signs of a bullish reversal, which is just beginning. Analysts say a classic bull pattern known as the “cup and handle” has formed on the weekly chart, often a prelude to a rise.
This is in line with the pattern, which could see Shiba Inu coin target price of $0.000066651, a massive jump from where it is now.
Known cryptocurrency analyst Javon Marks added his thoughts on the SHIB prospects, predicting that 2025 the SHIB will be worth $0.000155.
Marks lists several reasons he is optimistic, from the rising interest in utilizing SHIB to the network for new utility to the overall growth of the Shiba Inu network.
Additionally, developments continue with the Shibarium Layer 2 blockchain and SHIB metaverse, which, says Marks, are great catalysts for long-term growth.
1-hour charts show that the meme coin is controlled by a bearish trend, with the price contained within a descending channel.
After the price hit a local high of $0.00002409, constant selling pressure began to push the cost down and found a temporary support of around $0.00002125.
This channel is highlighted on the chart, where the support acts as the lower boundary, and resistance is generally found near $0.00002184.
On the other hand, the recent drop in daily trading activity seen through the volume oscillator at -23.54% indicates that neither the buyers nor sellers are pushing prices up or down, hence the muted trading activity.
Future Outlook
Even though the bearish structure persists, Shiba Inu coin appears to be recovering slightly, as it bounces off the channel’s lower boundary and trades at $0.00002166.
This is a consolidation or early reversal movement. A breakout above the channel resistance at $0.00002184 would also be bullish, with targets at around $0.00002250.
But if the price cannot hold support at $0.00002125, it will continue downwards with the next support level at $0.00002100.
Volume levels and potential breakouts should be a trader’s close watch to get a more transparent market direction.
