Shiba Inu Price Prediction: SHIB whales have accumulated millions in the latest round of uptrends. Can SHIB become the next cryptocurrency to see a 10x increase?
Due to SHIB's price increasing by 8% over the last 7 days, whales are buying in large quantities. Data from IntoTheBlock shows that during the weekend, there was a significant outflow of funds from large wallets, which is favorable for bullish predictions of Shiba Inu's price.
On August 7, tokens worth approximately $4.9 million, totaling 359.6 billion SHIB, were transferred from exchanges to cold wallets.
This typically indicates that whales wish to hold these assets long-term as they anticipate price increases.
Whale wallets typically hold over 0.1% of the token circulation. This includes large exchanges like Binance and Coinbase. When these addresses see significant fund outflows, it means investors are transferring their SHIB tokens to external wallets.
Data from IntoTheBlock shows a significant increase in whale activity over the weekend after several days of minimal activity.
Since this accumulation occurs in an uptrend, it is favorable for bullish predictions of Shiba Inu's price.
Shiba Inu Price Prediction: SHIB is temporarily facing resistance but may rebound soon.
The 4-hour chart for Shiba Inu indicates that there was some resistance at the $0.00001400 level during the weekend.
The current price is moving towards the key support area of $0.00001300, which coincides with the 200-period Exponential Moving Average (EMA) on the lower time frame.
Once the price reaches this threshold, we expect significant volatility, especially with increased whale activity. If such a rebound occurs, the price could rise to $0.00001600 within this week.
The Relative Strength Index (RSI) currently leans downwards as it has fallen below the midpoint and the 14-period moving average. If the RSI remains above 50, it will further confirm that the price is ready to rebound from this support level and undergo a 180-degree reversal.
The trading volume in the past 24 hours has decreased by 26%, indicating that this sell-off pressure may be part of a temporary pullback.
At this time, becoming a millionaire by buying and holding Shiba Inu requires a substantial initial investment, as the token's market capitalization has grown to nearly $8 billion.
