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The Shiba Inu price has surged 16% in the last 24 hours to trade at $0.00001719 as of 6:30 p.m. EST on a 10% drop in trading volume to $424 million.
This pump follows a surge in SHIB whale activity over the past 24 hours. The volume of large SHIB transactions has jumped by more than 176% during this period, reaching 4.18 trillion SHIB, or $62.57 million, according to IntoTheBlock.
The spike suggests that SHIB whales are either accumulating or moving large amounts of SHIB.
Shiba In Price: Is It Time Time To Buy SHIB?
The Shiba Inu price rebounded from below the lower trendline of the falling wedge pattern, according to GeckoTerminal, indicating that the bulls have gained control and are gearing up to push the price higher.
If a daily candlestick opens above this trendline, it could help the bulls start a rally within the wedge, potentially breaking through to new highs in the coming days.
SHIBUSDT Analysis (Source: Tradingview)
Additionally, the bulls need to push the price above the 50-day and 200-day simple moving averages (SMA), which are currently acting as immediate resistance. Overcoming these levels could empower the bulls to drive the price higher and potentially cross both the 50-day and 200-day SMAs. The golden cross, where the 50-day SMA crosses above the 200-day SMA at $0.00000831, further signals a continuation of the bullish trend.
The bullish momentum is further reinforced by the Relative Strength Index (RSI), which shows a rebound from the 30 oversold level and is now hovering around the 50 midline. As the RSI continues to rise, the bulls have an opportunity to push it toward the 70 overbought level.
Shiba Inu Price Prediction
In the short term, keen observation is made of how whales strategically accumulate SHIB, possibly in anticipation of future price increases, leveraging current market dynamics. In this scenario, SHIB could aim for its next significant threshold within the $0.000015 to $0.000019 range.
Moreover, all indicators point to a bullish reversal. If the bullish momentum continues above $0.00002410, the bulls could reclaim its previous high at $0.00004197.
However, resistance at this level might attract selling interest, potentially causing a retracement to the previous support level at $0.00001486.
Is This The Next Shiba Inu?
Meanwhile, as buyers flock to Shiba Inu, interest is also surging in a new SHIB derivative called Shiba Shootout (SHIBASHOOT), which just blasted past 500k raised in just few days after its launch.
The SHIBASHOOT narrative involves Marshal Shiba, a legendary and quick-witted figure who roams the digital plains, rallying Shiba Inu fans for an epic showdown. His mission is to ensure that Shiba Showdown reigns supreme in the Wild West of crypto.
SHIBASHOOT will launch on both Ethereum and BNB Smart Chain, supporting ERC-20 and BEP-20 standards as detailed on the Shiba Shootout Wiki.
Saddle up! #ShibaShootout is more than a #memecoin it's a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024
With 20% of the total token supply (440 million $SHIBASHOOT) set aside specifically for staking rewards, you can secure your place around the campfire by staking your tokens for a whopping 1,987% annual yield.
SHIBASHOOT has caught the attention of crypto experts such as Jacob Crypto Bury, a well-known YouTuber with over 41k subscribers. Bury has speculated that the project has the potential to surge 10X after its launch, likening its likely trajectory to that of Shiba Inu itself.
You can buy the SHIBASHOOT token on the official website for $0.0195. Interested buyers shouldn’t wait around too long because a price hike is coming in less than 7 days.
Buy SHIBASHOOT here using ETH, USDT, BNB, or card.
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