Shiba

Accumulate

Bitcoin

Million

Shiba Inu

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/FcC3o3V0-e1705157232818.png" class="attachment-full size-full wp-post-image" alt="SHIB Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Shiba Inu Price Prediction: Despite the growing enthusiasm for spot Bitcoin ETFs, <a href="https://coingape.com/shytoshi-kusama-unveils-shib-domain-to-boost-web3-interoperability/">Shiba Inu</a>, the second-largest meme cryptocurrency, has experienced a downward trend over recent months. The coin has witnessed an 18% decrease from its previous peak of $0.00001195, currently trading at around $0.00000981. Nevertheless, this downward movement remains within the acceptable limits as per the Fibonacci retracement tool. During this period, there has been a notable uptick in acquisitions by whale investors, suggesting a robust possibility of a bullish reversal shortly. 
<h2 id="b-can-shib-price-reclaim-0-00001-mark-b">Can SHIB Price Reclaim $0.00001 Mark?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A rising trendline accentuates the SHIB price continues to witness demand pressure at market dips</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the overhead trendline will trigger a directional rally</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Shiba Inu is at $186 Million with a 6.6% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/k/K19eGY3s.png" alt="Shiba Inu Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price Prediction| TradingView Chart
 </figcaption>
</figure> 
A look at the daily time frame chart shows the <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> has taken strict note of two converging trendlines. The first one has acted as a support trendline for nearly three weeks, offering traders dynamic support during the market correction. 
On the other hand, a downsloping trendline is leading the current correction trend in SHIB price, restricting traders from higher recovery, However, a recent X(former Twitter) post from -on-chain data analyst <a rel="nofollow" href="https://x.com/lookonchain/status/1745361421817508240?s=20">Lookonchain</a> reveals that a newly created whale wallet has acquired a staggering 136.86 billion SHIB tokens, valued at approximately $1.38 million.&nbsp; 
This significant accumulation occurred soon after the SHIB community undertook a massive token burn, eliminating 9.35 billion tokens and causing the <a href="https://coingape.com/shiba-inu-burn-rate-soars-400-as-shib-price-continues-to-rally/">burn rate</a> to surge by an astonishing 28,600%. Lookonchain’s data further indicates that over the last month, four major investors have collectively purchased 2.39 trillion SHIB tokens from the Binance cryptocurrency exchange. 
<blockquote>
 This heavy accumulation despite a correction phase indicates a higher potential for the SHIB price to rebound higher.
</blockquote> 
On January 9th, the SHIB price rebounded from the lower trendline which led to an 8.5% increase. If the rising price gives a bullish breakout from the overhead resistance trendline, the buyers would get an additional confirmation of recovery. 
The post-breakout rally would surge the SHIB price by 16% from the current trading price of $0.00000978 and rechallenge the upper boundary of the wedge pattern. A breakout beyond this barrier would signal a change in the market dynamic and bolster a rally to $0.000018. 
<h2 id="b-key-support-level-to-watch-b">Key Support Level to Watch</h2> 
While the current market outlook for Shiba Inu price seems bullish, the ongoing rumor of spot Bitcoin ETF being a sell-the-news event has created market-wide uncertainty. Until the lower trendline is intact, this memecoin may prolong its current recovery. However, a breakdown below would accelerate the selling pressure and may trigger a new correction in SHIB price. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The high-value ADX slope indicates the Shiba Inu price would need prolonged correction to recover the exhausted bullish momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The flattish boundaries of the <a href="https://coingape.com/education/bollinger-band/">Bollinger Band indicator</a> project a lack of momentum in buying and selling pressure.</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-prediction-as-whales-accumulate-0-000015/">Shiba Inu Price Prediction As Whales Accumulate in Correction Phase; Is $0.000015 Within Reach?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Prediction As Whales Accumulate in Correction Phase; Is $0.000015 Within Reach?

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