Recent forecasts suggest that Shiba Inu (SHIB) could see its price soar by four times, mirroring trends from Dogecoin. This optimistic outlook is supported by a significant increase in SHIB accumulation, with large holders amassing 7,000% more tokens within just one week. The growing activity from major investors is viewed as a strong indicator for SHIB’s potential price appreciation.
What Is Driving Whale Accumulation?
At present, SHIB is trading around $0.00001880, experiencing a slight drop of 0.6% over the past 24 hours. This minor decline reflects similar patterns observed in Dogecoin. While SHIB’s price had remained stable during recent elections, the substantial buying activity from large investors has sparked interest, paving the way for possible future gains.
What Do Technical Indicators Reveal?
Data from IntoTheBlock indicates that large holders have increased their SHIB holdings by 7.469% this week. Although the monthly NetFlow is down by 3,000% compared to last month, this uptick in weekly accumulation signals a potential shift. Additionally, a rise in high-volume trades suggests a growing enthusiasm among investors.
Key Insights:
- The price of SHIB is currently around $0.00001880.
- Large investors have significantly increased their SHIB holdings recently.
- Technical indicators point towards potential bullish momentum.
- Market volatility remains a critical concern for traders.
Market expectations are high, with crypto expert Javon Marks suggesting a target price of $0.000081 for SHIB. His analysis indicates a bullish formation based on the Relative Strength Index (RSI), which could support the anticipated fourfold price increase.
The Average Directional Index (ADX) is currently at 16.46, indicating a possibility for increased volatility. This situation hints at renewed buying pressure. While bullish signals appear from both the MACD indicator and the RSI, which sits at 56.96, caution is advised due to the unpredictable nature of the cryptocurrency market. Proper research remains essential before making any investment decisions.
