The meme coin is about to surpass a key resistance level, which could trigger a new wave of bullish momentum.
Shiba Inu, created in in 2020 by Ryoshi as a copy of Dogecoin, recently broke a bearish trend that has persisted since December 2023, and the current price action points to a steady rise in the coming months.
Trend analysis of the cryptocurrency indicates the formation of lower highs since hitting $0.00001195 on December 17, exasperated by a period of consolidation within the entire crypto market.
However, the current inflow of several cryptocurrencies appears to have flowed towards SHIB, pushing the cryptocurrency to a breakout above its 2-month downtrend. Consequently, technical analysis and past performance suggest a continued increase between 50% and 70% over the coming months.
Shiba Inu Prowling the Profitability Group
SHIB is currently hovering around the $0.00001 mark, a price that represents more than just a number. It serves as a crucial “yield pool,” where a staggering 1.3 trillion SHIB tokens reside, tokens purchased by early investors.
This group has long been a battleground, with sellers looking to cash out and buyers aiming to drive up the price.
Analysts point to a gradual decline in the number of tokens within the profitability group, indicating that selling pressure is easing. This, along with the reduction in the size of the group itself, is creating more fertile ground for SHIB to flourish.
The possible break above $0.00001 is not just technical, it is psychological. Overcoming this hurdle would signal to the market that SHIB has the strength to move beyond its meme currency status and establish itself as a serious player.
IntoTheBlock data reveals a notable increase in the influx of large holders, with whales amassing a staggering 2.31 trillion SHIB in just two days. This means greater interest and participation from major players, which could fuel the rally.
SHIB Whale Influx: Bullish Momentum Builds
The sudden influx of buying by large holders is a strong bullish indicator and suggests that whales see value in SHIB and are positioning themselves for potential profits. Is all this an exaggeration or is there substance behind the joke? While SHIB’s future remains uncertain, several factors are strengthening its case.
Community Strength: SHIB has a passionate and vocal community, which is often credited with driving its price increases through sheer enthusiasm and social media presence.
Exchange Listings: The meme coin has achieved listings on major exchanges such as Kraken and Coinbase, increasing its accessibility and overall appeal.
ShibaSwap Ecosystem: The SHIB team is actively developing its own decentralized exchange (ShibaSwap) and other projects, potentially adding long-term utility and value. The anticipated breakthrough of the 1.3 trillion SHIB barrier has become the focal point of attention, symbolizing a pivotal moment for this meme currency.
With the recent surge in large holder inflows and potential technical breakout above key resistance levels, Shiba Inu appears poised to make a major leap forward.
What’s Next for SHIB?
If Shiba Inu rises 60% to 70% from current levels, it would reach $0.0000120, surpassing its December 2023 high. This scenario is feasible given Shiba Inu’s exponential growth history.
However, its realization will require the right combination of events, including consistent upward momentum in the broader crypto market.
According to CryptoPredictions, Shiba Inu started February 2024 at $0.000008938983663 and is expected to end the month at $0.000010999516191. During February, the expected high price of SHIB is $0.000015334958028 and the low is $0.000008938983663.
By Leonardo Perez