- Shiba Inu (SHIB) has surged 8% in the past 24 hours.
- SHIB Key resistance at $0.00002966; support at $0.00002158.
Shiba Inu (SHIB) has experienced a significant uptick, with its value surging by 8% in the past 24 hours. This surge is accompanied by a notable increase in trading volume, which has risen by 40%, and a corresponding 8% boost in the market capitalization. The driving force behind this rally appears to be a substantial purchase by a prominent SHIB investor.
This major SHIB holder, often referred to as a “whale,” has spent an astonishing 4,849 Ethereum (ETH), equivalent to approximately $18.44 million, to acquire 715.9 billion SHIB tokens within a six-hour window. This aggressive buying spree has drawn attention from the broader cryptocurrency community, especially given the investor’s history with SHIB.
Previously, this whale made headlines for spending around $400,000 to amass 5.5 trillion SHIB tokens during the early stages of the cryptocurrency’s lifecycle. This strategic move paid off handsomely, with the investor selling the tokens at two separate peaks, netting a staggering $121 million. Now, with another bold investment, this investor seems poised to influence SHIB’s market trajectory once again.
SHIB To Start A Bull Rally?
Technical analysis indicates that SHIB is approaching its first resistance level at $0.00002966, with a second resistance point at $0.00003719. On the downside, the first support level is identified at $0.00002158, followed by a second support level at $0.00001829. Despite the recent price increase, daily active addresses for SHIB have remained relatively stable over the past two months. Meanwhile, sentiment analysis reveals a dip into negative territory, suggesting that the broader market sentiment is cautious.
In light of these developments, while the recent purchase by the whale has injected optimism into the SHIB market, analysts predict short-term losses might still be on the horizon. Investors are advised to watch these key resistance and support levels closely as the market reacts to the whale‘s substantial acquisition.
