Key Insights
- Shibarium is approaching 1 billion transactions, which could catalyze a price increase for SHIB.
- Whale activity has surged, with a 79.01% increase in SHIB holdings movement, indicating active market participation.
- Analyst predictions suggest Shiba Inu price could reach $0.000081, a 510.13% increase from its current price.
Shiba Inu price has plummeted by 61% from its November high of $0.00003344. It broke through the $0.00002603 support level in December 2024. This sharp decline has mirrored the price movements of other meme coins in the market.
The drop has been significant, with SHIB trading below the 20-day, 50-day, and 200-day EMA bands.
However, there are signs of a potential rebound, as the price has recently tested a key support zone at $0.00001250. This level has held firm for some time and was previously tested in September 2024, after which a strong momentum shift occurred in Q4 2024.
Given the historical momentum from this support block, there is a strong possibility that it could serve as an order block to propel SHIB price upward. A potential catalyst for this movement could be the upcoming milestone of Shibarium reaching 1 billion transactions.
As of now, Shiba Inu is experiencing some turbulence, trading around $0.00001297. That reflects a 1.4% decline in the past 24 hours.
Despite these fluctuations, the SHIB meme coin price has managed to stay above the critical $0.00001250 support level. Besides, many experts are optimistic about a price increase in the near future.
Keep reading to know more.
Amid Increased Whale Activity, Shibarium Transactions Could Push Shiba Inu Price Higher
Shibarium recently reached a significant milestone. It surpassed 500 million transactions in November 2024 and continues to grow. A recent update on X revealed that daily completed transactions have hit 55.09K, bringing the total for the layer-2 network to 957.545 million.
With this momentum, Shibarium can reach the 1 billion transaction mark soon. It could serve as a catalyst to drive Shiba Inu price higher in the upcoming sessions.
Data from IntoTheBlock regarding large holders’ outflows also presents encouraging metrics. The buying and selling activities of these significant players greatly influence market sentiment.
Recently, more large holders have been moving their coins, indicating active participation from whales.
In the past week, whale movements of SHIB crypto holdings increased by 79.01%. However, the selling actions of these strategic players can exert downward pressure on the market in the short term.
Over the past 30 days, there has been a 75.25% decrease in the amount withdrawn from SHIB wallets. That typically reduces the likelihood of a market downturn.
Likewise, by the past three months, whales have sold 64.67% less SHIB crypto, indicating that less capital is leaving the market. This reduction in selling activity contributes to greater price stability.
Analyst Highlights Key Levels In Shiba Inu Price Chart
Moreover, based on optimism, market analyst Ali Martinez has also identified crucial support levels for Shiba Inu amid ongoing market corrections.
His analysis of the daily line chart shows that SHIB price has maintained a position just above $0.000013. If it can hold this level, a rebound may be on the horizon for SHIB crypto.
Throughout the year, Shiba Inu price has experienced several rallies and corrections, with a notable surge in November. That pushed SHIB’s price to around $0.000032 before a sharp correction followed.
Martinez suggests that if buying pressure increases at the $0.000013 level, SHIB could rally toward $0.000020.
Moreover, Martinez has outlined key levels for potential re-entry into Shiba Inu price. Based on Fibonacci retracement levels, the token may find support at $0.000012 or $0.0000094. That indicates a possibility of further dips from its current position.
Additionally, his analysis highlights Shiba Inu’s ongoing struggle to break through the resistance range of $0.000018 to $0.000023.
Accumulating Buying Force Might Boost the Shiba Inu Price Movement
A reputed crypto analyst, Javon Marks has conducted an analysis to forecast how the Shiba Inu will perform over time. His research indicates that after a prolonged decline from its peak, SHIB is now on a potential upward trajectory.
Marks identifies two key points where the downward trend halted and shifted toward an upward movement.
Following a long-term price decline, SHIB crypto has begun to show signs of a moderate market rise. After testing a previous support level, the token has demonstrated its ability to continue moving upward.
In his analysis, Marks highlights a hidden bullish indicator pattern in the market, where prices are rising while trading indicators are setting new lows. This trend suggests an accumulating buying force that could propel the price higher.
Marks predicts that Shiba Inu price could reach a target price of $0.000081, representing a potential increase of 510.13% from its current price of $0.00001296.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.