Shiba Inu (SHIB) Price Analysis: Whales Stake SHIB Crypto, Which May Help Push the Price Upside

Shiba Inu's (SHIB) price has been bullish in the broader time frame. The token kept rising by taking support on an ascending trendline and in higher highs and higher lows format.

Shiba Inu (SHIB) price has been observing bullish in the broader time frame. The token kept rising by taking support on an ascending trendline and in higher highs and higher lows format.

The token encountered resistance at the 20-day EMA. Buyers have attempted to lift the Shiba Inu price for another rally but failed to hold over the 20-day EMA. It has declined by 13.40% in less than three days and melted to the 200-day EMA.

However, the token price showed weakness from the beginning of December. Moreover, it melted to the trendline. But the price took a correction phase at the trendline.

Whale Activity Increased Suddenly

Recently, a large whale transaction moved over 1.6 trillion SHIB tokens, estimated to be worth around $39 Million. The transfer occurred from Crypto.com to private wallets, generating interest in the widely-followed token.

Such whale activity usually indicates a significant price movement. Moreover, the whales either buy to begin accumulation phases or top up when they enter the scene.

These transactions show confidence in the Shiba Inu coin’s long-term potential, despite its struggles with short-term prices.

The activity has sparked discussion on social media, with some analysts suggesting that SHIB could be poised for a big move in the coming months.

When last checked, the Shiba Inu coin was trading at $0.000021. That dropped by less than 1% in an intraday session. The market cap was $12.4 Billion, and the 24-hour trading volume was $578.6 Million.

The price was consolidating in the higher high zone. If it takes a departure from this zone, it could witness massive buying.

From the technical aspect, the buyers seem stronger at the 200-day EMA. If the price closes any bullish candlestick pattern, then buyers might gain confidence.

Once the price breaks above the 20-day EMA, then it would be a bullish signal. Traders can expect a good bullish rally if the Shiba Inu price manages to hold the price above the 20-day EMA.

On the other hand, if the token dives below the major support level of $0.0000210, then it might create fear among the buyers. Most traders and investors might prefer to book the profit if the price sustains below this level. Here, profit booking could bring a massive selling pressure.

SHIB Price Analysis Based on Trend

The outlook for the Shiba Inu coin remained cautious yet optimistic, as recent whale activity hints at renewed interest and potential support for a price rebound.

The asset was trading at $0.0000210 and hovering around the critical 200-day EMA. From the observation, SHIB was at a critical juncture.

A successful breakout above the 20-day EMA could indicate a bullish reversal, potentially bringing in more buyers and leading to significant price movements.

However, the situation is delicate. A drop below the key support level of $0.0000210 could trigger profit-taking and selling pressure, potentially reversing the recent positive momentum.

Traders and investors are keeping a close eye on these developments, as the interplay between bullish sentiment and potential selling pressure will be crucial in determining Shiba Inu’s near-term trajectory.

This article is intended for informational purposes only and does not provide financial, investment, or other advice. The author or any persons mentioned in this article are not liable for any financial loss that may arise from investing in or trading from the article. Please conduct your own research before making any financial decisions.