Shiba Inu Price Analysis 13/06: Bullish Momentum Holds as Mysterious Whale Amasses Trillions of SHIB Tokens - Investor Bites

Shiba Inu Price Analysis 13/06: Bullish Momentum Holds as Mysterious Whale Amasses Trillions of SHIB Tokens – Investor Bites

Time Stamp: June 13, 2023 6:14 AM
Shiba Inu Price Analysis 13/06: Bullish Momentum Holds as Mysterious Whale Amasses Trillions of SHIB Tokens - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • The mysterious whale holds 1.5 trillion $SHIB tokens worth $10M.
  • Bullish momentum strengthens despite trading volume decrease.
  • SHIB price consolidates, awaiting a potential bullish breakout.

Shiba Inu (SHIB) continues to wave as one whale makes headlines with their substantial holdings. This mysterious investor, the largest non-exchange holder of $SHIB, has recently amassed a staggering 1.5 trillion $SHIB tokens, equivalent to an impressive $10 million, through notable platforms such as #Binance and #Coinbase. 

With a track record of strategic moves, this whale’s previous transfer of 20 trillion $SHIB tokens, valued at $134.4 million, to another address back in May has only fueled curiosity and speculation surrounding their intentions. 

However, bullish momentum has held firm against negative pressure in the previous 24 hours, with SHIB’s price fluctuating from a 24-hour low of $0.000006533 to an intraday high of $0.000006759. The bullish momentum remained in action as of press time, resulting in a 2.25% increase to $0.000006729.

During the bull run, SHIB’s market capitalization increased by 2.37% to $3,970,368,160, but 24-hour trading volume decreased by 27.86% to $85,241,523. This decrease in trading volume might be attributed to investors taking gains, as SHIB’s recent price movement has been spectacular. 

If the bullish trend breaks beyond $0.000006759, the next resistance level is anticipated to be $0.000008, which might open the way for additional gains. However, if bears seize control and drive the price below the $0.000006533 support level, it might suggest a trend reversal and a sell-off. 

On the SHIB price chart, the Keltner Channel bands are moving linearly, with the top band touching $0.00000730, the middle band touching $0.00000672, and the bottom band touching $0.00000609. This movement shows that the SHIB price is consolidating, with buyers and sellers reaching equilibrium at current levels. 

As the price action approaches the middle band, red candlesticks form, suggesting that there may be some selling pressure in the market. If it goes below the middle band, the price may fall further as additional sellers join the market. If buyers enter the market and drive the price back up, we might witness a break above the upper range and a possible bullish trend. 

With a Money Flow Index rating of 49.01, the market seems to be in a neutral situation, neither oversold nor overbought. This might signal a time of consolidation before the next major shift. 

In conclusion, SHIB’s whale accumulation and bullish momentum pave the way for potential gains. Still, caution remains, as price consolidation and market neutrality suggest a time of consolidation before the next big move.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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