The Shiba Inu price has cooled down somewhat after a significant upward move earlier this morning, now standing at a 2.19% gain over the past 24 hours. Significantly, metrics reveal that this was primarily driven by whales.
Indeed, it appears that whales are capitalizing on Shiba Inu’s lows since last week’s crash, pushing it out of its downturn. It’s now down just 0.66% since last Tuesday – though other notable meme coins have seen greater gains.
These significant inflows have sparked a flurry of trader activity. The meme coin’s trading volume has surged 44.95% to $170.86 million over the past 24 hours.
Whales Push SHIB Price Breakout – More Upside Ahead?
Amid this recovery, Shiba Inu whales are at the forefront of the movement.
The total number of large transactions has surged over 68% in the past 24 hours, totalling $24.97 million, according to IntoTheBlock data.
A closer look at the SHIB price chart shows that this whale activity has triggered a breakout.
SHIB / USDT 4H Chart, falling wedge pattern breakout. Source: Binance.SHIB has now emerged from its falling wedge pattern, moving away from the volatility it experienced during a period of fear, uncertainty, and doubt (FUD).
The selling pressure that confined SHIB within the narrow range of the pattern has unwound, as reflected by a shift in momentum indicators.
The Relative Strength Index (RSI) has shown resilience, maintaining its position in positive territory after struggling to break neutral for some time, currently at 60. Although still neutral, it exhibits a bullish bias.
Likewise, the Chaikin Money Flow (CMF) carries a similar message, now at +0.2. Buying pressure has taken the edge, reinforcing a more sustained reversal.
Indeed, with the MACD line holding above the Signal line after a recent crossover, it looks like the bulls are steering SHIB’s next move.
This breakout appears to have staying power. The 50 EMA, which previously acted as resistance throughout the pattern, has now flipped to support following the breakout.
To sustain this long-term SHIB will need more fundamental backing, such as maintaining its ongoing ecosystem evolution.
With the numerous advances looking to make their way into Shibarium, the token has the basis to keep growing overall.
For now, traders should look for a decisive break above the resistance presented by the 200EMA for confirmation of an uptrend before a move to reclaim $0.000016.
There’s A New Shiba Inu in Town
Although traders may want to cling to Shiba Inu for further gains, the meme coin landscape has evolved. The best opportunities now leverage real utility alongside a strong community.
As the leading hype-based coins reach multi-billion dollar market caps, their biggest gains are behind them, and traders are hungry for the next meme coin set for explosive growth.
Enter Shiba Shootout ($SHIBASHOOT), the latest meme coin in the crosshairs of meme fans, gamers, and crypto enthusiasts alike.
The meme coin market is saturated with Shiba Inu-themed coins boasting little to no real utility.
In contrast, Shiba Shootout seeks to embed itself as a pioneer in gaming utility. Something that may be credited to its instant success, with over $1 million raised in its presale so far!
Set in the heart of the Wild West crypto frontier, Shiba Shootout’s play-to-earn (P2E) game has been approved on Google Play and the Apple App Store – its release is imminent.
As a governance token, $SHIBASHOOT will put the projects in the hands of token holders.
Presale contributors can even participate in the refer-a-friend scheme to earn bonus tokens – community is at this project’s heart.
At a fixed presale price of just $0.0202, those who act quickly stand to benefit the most. Saddle up today and start earning high staking rewards at 858% APY, one of the best passive income opportunities right now.
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The post Shiba Inu Soars 4% as Whale Activity Spikes – What Does This Mean for SHIB’s Future? appeared first on Cryptonews.
