Shiba Inu (SHIB) has seen increased attention due to its potential for a significant price breakout. After its breakout in late 2022 and early 2023, the token has maintained a positive outlook. According to analyst, SHIB price is now eyeing a target price of $0.000081, which is approximately 480% higher than its current trading value.
Shiba Inu Price Golden Cross Suggests Potential for Upside Movement
On the 24 hour price chart, Shiba Inu’s price chart has shown a bullish technical pattern known as the Golden Cross. This pattern occurs when the (shorter) 50-day simple moving average (SMA) crosses above the (longer) 200-day SMA. Traders often interpret this as a sign of an uptrend, which could suggest further price increases.
The Golden Cross appears at a time when SHIB has been struggling with a downtrend. Despite this, the appearance of the pattern has sparked renewed interest in SHIB’s price potential. Currently, SHIB’s price is still trading below its 50-day SMA, indicating that a breakout has not yet occurred. However, if the price pushes above this moving average, the trend reversal could gain momentum.
Despite the technical signal from the Golden Cross, market sentiment remains crucial. The broader cryptocurrency market, including Bitcoin, has seen a resurgence, which may be contributing to SHIB’s recent rebound. If this trend continues, SHIB price could benefit from the overall positive market conditions. However, any shifts in broader market sentiment could still impact its price movement.
Surge in Whale Activity Boosts SHIB’s Price Outlook
Recent data shows a 764% increase in Shiba Inu’s large holder netflows, raising questions about the return of whales to the market. Whale activity often signals significant changes in market dynamics, as large holders can influence the price by making substantial buy or sell transactions. In this case, the surge in whale activity indicates a potential for accumulation, which could drive SHIB’s price higher.
According to data from IntoTheBlock, Shiba Inu’s large holder inflows have surged from 497.49 billion SHIB to 1.67 trillion SHIB in just 24 hours. This indicates that large holders are once again increasing their positions in SHIB. The total volume of large transactions has risen by 16%, suggesting increased whale involvement. If this trend continues, the buying pressure from whales could help propel SHIB towards its target of $0.000081 despite worries SHIB price would never hit $0.01.
While the surge in whale activity is encouraging, it remains unclear if this will result in an immediate price breakout. Traders are carefully monitoring resistance levels, with the next significant hurdle for SHIB being the daily SMA 50 at $0.00001679. If SHIB breaks through this level, the next resistance point lies at the daily SMA 200 at $0.0000192.
Shiba Inu Price Action Shows Room for Bullish Reversal
In recent days, SHIB has experienced a modest rebound. After hitting lows of $0.0000121 on March 4, the price has started to show signs of recovery. SHIB saw a 4% increase in the last 24 hours, trading at $0.000014 at the time of writing. This upward movement indicates that SHIB may be trying to break out of its recent downtrend.
Despite the positive movement, SHIB is still trading below important moving averages. The price has been consolidating around $0.000013, which could signal a period of indecision. A breakout above the 50-day SMA could lead to further price gains, while failure to break resistance could result in another decline.
The current resistance levels at $0.00001460 and $0.0000192 are crucial for SHIB’s short-term price action. If Shiba Inu’s price continues to hold its recent gains and surpasses these resistance levels, it could trigger a more significant upward movement. Traders are watching closely to see whether SHIB can sustain this rally and maintain the momentum needed to reach the $0.000081 target.
The post Shiba Inu Price Eyes 480% Bullish Breakout If This Happens appeared first on CoinGape.
