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These Shiba Inu holders could drive price up by 30%
Shiba Inu’s price currently needs help finding a clear direction, with its key momentum indicators signaling a weakening trend and reduced momentum. This indicates a consolidation period for the leading meme coin, where neither bullish nor bearish forces dominate.
However, this has created a favorable buying opportunity for large investors who have gradually accumulation the coin over the past few days. If SHIB whales successfully trigger a broader market buying frenzy, the cryptocurrency could experience a 32% gain. But how soon can this happen?
Shiba Inu Whales Spot an Opportunity
Since entering a sideways trend, Shiba Inu’s price has encountered resistance at $0.000018 and found support at $0.000016. A key indicator of this consolidation is the tightening gap between the upper and lower bands of its Bollinger Bands.
The Bollinger Bands, which measure market volatility, are useful for identifying potential overbought or oversold conditions. When the distance between the bands narrows, it signals decreasing volatility, suggesting the asset is trading within a tighter range. This low-volatility phase often precedes a breakout, where a sharp price move may occur as volatility rises once more.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
This consolidation phase, where neither bullish nor bearish sentiment dominates the market, has created an attractive entry point for whales. BeinCrypto’s assessment of Shiba Inu whale activity has revealed that these large investors have steadily increased their holdings.
According to Santiment’s data, the count of Shiba Inu whales that hold between 10,000 and 1,000,000 coins has spiked by 0.4% over the past few days.
Moreover, the inflow of large holders has climbed by 15% over the past seven days, confirming their buying activity. When large holders’ inflows increase, it indicates that whales are moving significant amounts of the asset into their wallets. This is a bullish signal that can also prompt retail investors to buy an asset, which will contribute to driving up its value.
SHIB Price Prediction: All Rests With These Large Holders
If the surge in whale accumulation triggers widespread buying, Shiba Inu’s price could break out of its tight range and enter an uptrend. The price would likely surge past the $0.000018 resistance level and rally toward $0.000020 — a price last seen in June.
Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know
However, if whale activity declines, Shiba Inu’s price may remain stuck in its narrow trading range longer than anticipated. This could also lead to a potential drop below the $0.000016 support level, with the price possibly retreating to $0.000010.
Disclaimer
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