Shiba Inu (SHIB) Price Hits $0.000020 as Whale Activity Spikes 350%

Shiba Inu Price Analysis:

Shiba Inu price rally halted at $0.000020 on July 17, after scoring 60% rally in the last 12 days, on-chain data trends suggests whale investors are at the fore-front of the ongoing SHIB rally.

Shiba Inu Price Climbs 60% amid Crypto Market Rally

The Shiba Inu (SHIB) meme coin has experienced a significant price rally, climbing 60% in the past 12 days and reaching $0.000020 on July 17, 2024. Several internal catalysts have contributed to this bullish momentum.

Firstly, the SHIB community has ramped up its token burn initiatives, reducing the circulating supply and creating scarcity, which historically drives up prices.

Additionally, the recent surge in trading volume indicates heightened investor interest and market activity, with SHIB’s 24-hour trading volume spiking by over 47%, reaching approximately $199 million on centralized exchanges​.

In effect, the chart above shows how Shiba Inu has recorded a steady uptrend since July 5, having gained 60% to reach the $0.000020 level at the time of publication on July 17.

Speaking of internal bullish catalysts this week, the Shiba Inu ecosystem has witnessed increased adoption and utility. A notable development is the integration of SHIB as a payment option by Kronos, a major U.S. technology firm, which enhances its real-world usability and boosts investor confidence.

In terms of external factors, the broader crypto market has been rallying, which has positively impacted SHIB’s price. This general market uplift is driven by favorable macroeconomic conditions and increasing institutional interest in cryptocurrencies observed since the NFP and CPI reports released by US authorities over the past week.

SHIB Whale Investors Increase Trading Activity by 350%

As SHIB price descended to the 100-day bottom of $0.000012 on July 5, FXEmpire reported on how disinterest and apathy of Shiba Inu whale investors had played a role in the market dip. However, that trend appears to have been flipped on its head as bulls regained foothold in the Shiba Inu markets this week.

The IntoTheBlock chart below tracks the total number of SHIB transactions that exceed $100,000 on a given day. This essentially provides insights into the level of trading activity carried out by high-net worth traders and institutional investors.

Shiba Inu attracted 187 whale transactions on July 16, its highest in the last 12 days, according to the latest data culled from IntoTheBlock. Zooming out, we see a steady rise SHIB whale transaction count over the past week. In comparison, on July 10, Shiba Inu whale conducted only 41 transactions.

This jump from 41 to 187 whale transactions, clearly reflects that large investors have increased their trading activity by 350% over the past week. This explains why SHIB has emerged one of the top performing mega cap crypto assets this week, with its 60% price gains outpacing the likes of Bitcoin (BTC) and Ethereum (ETH).

Shiba Inu Price Forecast: Breaking $0.000020 Could Catalyze Bigger Gains

The Shiba Inu (SHIB) price chart showcases a strong bullish trend over the past 12 days, with a notable 60% rally that has taken the price to $0.00001940. This upward momentum is supported by several key technical indicators, including the Bollinger Bands and the Relative Strength Index (RSI).

The Bollinger Bands are widening, which indicates increased volatility and a potential continuation of the current trend. The price is currently near the upper band, suggesting strong buying pressure. This upper band, around $0.00001945, acts as immediate resistance.

If SHIB can break above this level, it could catalyze a move towards the psychological resistance at $0.000020 and beyond, potentially targeting $0.000025 as the next significant resistance level.

On the downside, support is found at the middle Bollinger Band, approximately $0.00001693. This level is crucial for maintaining the bullish momentum. If the price falls below this support, the next support level is at the lower Bollinger Band, around $0.00001441. However, given the current bullish setup, a significant drop below these levels seems unlikely in the near term.

The RSI is at 59.24, which is below the overbought threshold of 70, indicating that there is still room for further upward movement before the asset becomes overbought. The RSI’s rising trend supports the bullish outlook and suggests that buying momentum is strong.

In summary, if SHIB price can maintain its current momentum and break above the $0.000020 resistance, it could lead to more significant gains in the coming days.