Amid ongoing price consolidation, whales appear to be making big bets on Shiba Inu (SHIB), the second-largest cryptocurrency by market cap. However, these notable bets have been observed within a tight range between $0.00002287 and $0.00002644 as the meme coin has been moving within this range for the past two weeks.
During this range, whales and institutions have accumulated a substantial 5.45 trillion SHIB meme coins, valued at $162 million in the past three days.
According to the on-chain analytics firm Glassnode, exchanges across the crypto landscape have experienced significant outflows over the past three days, indicating that tokens are being moved out of exchanges. This notable outflow suggests that both whales and retail investors have shown strong interest and confidence in the meme coin.
Furthermore, this substantial withdrawal could significantly reduce selling pressure and prevent a price decline in the coming days.
In addition, on November 28, 2024, a newly created wallet withdrew 60 billion SHIB tokens, valued at $1.52 million, from Binance, the world’s largest cryptocurrency exchange.
This notable withdrawal from exchanges suggests that SHIB could be an ideal meme coin to add to your wallet for the upcoming rally amid ongoing price consolidation.
In addition to long-term holders, traders also appear optimistic, as they have increased their open positions in the past 24 hours. Data from the on-chain analytics firm Coinglass reported that SHIB’s open interest (OI) has risen by 3.9% over the past 24 hours and continues to climb steadily. This growing OI hints at traders’ strong belief and confidence in the meme coin.
According to expert technical analysis, SHIB is currently in a consolidation zone, with its price appearing to struggle. Based on recent price action and historical momentum, if SHIB breaks out of this tight range and closes a daily candle above the $0.00002644 level, there is a strong possibility it could surge by 40% to reach $0.000037 in the coming days.
In addition to this bullish outlook, SHIB’s Relative Strength Index (RSI) further indicates that the meme coin has significant room for growth. Currently, SHIB’s RSI value stands at 58, well below the overbought point of 70, suggesting that potential upside momentum is still in play.
At press time, SHIB is trading near $0.00002528 and has remained unchanged in the past 24 hours. Meanwhile, its trading volume during the same period has grown by 18%, indicating heightened participation from traders and investors, amid this bullish outlook.
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