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Home»Analysis»Here’s Why You Should Add Shiba Inu (SHIB) Now
Analysis

Here’s Why You Should Add Shiba Inu (SHIB) Now

November 29, 2024No Comments2 Mins Read
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Whales and institutional investors are showing strong interest in Shiba Inu (SHIB) as the meme coin continues to consolidate its price within a tight range between $0.00002287 and $0.00002644. Over the past two weeks, notable bets have been made by whales, accumulating a substantial 5.45 trillion SHIB meme coins, valued at $162 million in the past three days.

According to on-chain analytics firm Glassnode, there has been a significant outflow of tokens from exchanges, indicating that both whales and retail investors are actively moving tokens out of exchanges. This notable outflow suggests a high level of interest and confidence in SHIB, which could potentially reduce selling pressure and prevent a price decline in the near future.

A newly created wallet withdrew 60 billion SHIB tokens, valued at $1.52 million, from Binance on November 28, 2024, further indicating strong interest in the meme coin. This withdrawal from exchanges suggests that SHIB could be a good addition to one’s portfolio in anticipation of an upcoming rally.

In addition to long-term holders, traders are also optimistic about SHIB, with open interest (OI) rising by 3.9% over the past 24 hours, as reported by Coinglass. This growing OI reflects traders’ confidence in the meme coin and hints at a positive outlook for SHIB.

Technical analysis suggests that SHIB is currently in a consolidation zone, with the potential for a breakout if it closes a daily candle above the $0.00002644 level. In such a scenario, SHIB could surge by 40% to reach $0.000037 in the coming days. The Relative Strength Index (RSI) also indicates potential upside momentum for SHIB, with a current value of 58, well below the overbought point of 70.

See also  Coinbase Says FDIC Not Cooperating With Exchange’s Freedom of Information Request in New Court Filing

At the time of writing, SHIB is trading near $0.00002528 and has seen a trading volume increase of 18% in the past 24 hours. This heightened participation from traders and investors signals a bullish outlook for SHIB in the near term. With whales and institutions showing strong interest and technical indicators pointing towards potential growth, SHIB could be a cryptocurrency to watch in the coming days.

add Heres Inu SHIB Shiba
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