Shiba Inu Sees 671% Surge in Whale Inflows as Price Nears Potential Breakout

Shiba Inu, the popular dog-themed cryptocurrency, has recently experienced a dramatic 671% increase in large holder inflows, according to data from IntoTheBlock.

This metric tracks the movement of funds into whale addresses, often indicating significant buying activity.

These large holders typically acquire substantial amounts of SHIB on centralized exchanges before transferring their holdings to cold storage.

Shiba Inu explodes with a 671% surge in inflows, primed for major breakout! 🚀📈 #SHIB #crypto #cryptocurrency #cryptonews

— MEME.nto (@MEME_nto_crypto) August 24, 2024

Such a surge in inflows can also suggest that a price bottom is forming, as whales tend to buy in bulk after substantial market corrections.

At the time of writing, Shiba Inu’s price has risen by 8.36% in the past 24 hours, reaching $0.00001548.

Shiba Inu (SHIB) has broken above a key bullish trendline, sparking optimism for a potential rally towards $0.00002045. Currently priced at $0.00001519, SHIB has seen a 6% increase and its market cap exceed $8.9 billion https://t.co/nqaKfjhP8r

— BlockVoyager (@BlockVoyagerAIO) August 25, 2024

Over the past week, SHIB has posted a 17% gain, benefiting from the broader cryptocurrency market’s positive momentum, driven by the Federal Reserve’s signals of potential rate cuts.

Shiba Inu Price Poised for Major Breakout

In recent weeks, Shiba Inu has been trading within a tight range, building up pressure that many analysts believe could soon lead to a significant price breakout.

The recent surge in whale inflows has intensified speculation that SHIB may be on the verge of a sharp upward move.

#SHIB

Shiba Inu has executed a descending channel breakout on the 12-hour timeframe, leading to expectations of a massive bullish wave in the upcoming few days🚀

👇Crypto Traders-join Telegram👇 https://t.co/caOlZBzkdM
. pic.twitter.com/6Oc1h5OYax

— Whales_Crypto_Trading 🐋 (@WHALES_CRYPTOx) August 24, 2024

Market watchers are closely monitoring key resistance levels that, if breached, could trigger a wave of buying and propel SHIB’s price to new heights.

Currently, the daily Simple Moving Average (SMA) 50, which stands at $0.00001561, has been a significant barrier for Shiba Inu since mid-April.

Following yesterday’s price surge, SHIB is once again challenging this crucial resistance level, with today’s session seeing highs of $0.00001533.

Should the price manage to break and sustain above this level, the next target would be the daily SMA 200 at $0.00002 and potentially $0.00003.

Key Levels to Watch for SHIB Traders

As Shiba Inu teeters on the edge of a potential breakout, the coming days could be critical in determining its short-term direction.

If SHIB bulls succeed in breaking through the current resistance, we could see a substantial rally toward higher price targets.

Levels given: 5624 as the low and 5646 as the high. Watch these key levels as the market navigates through the day—holding 5624 keeps us in play for higher targets, while 5640 serves as resistance. Stay sharp! $ES $SPX $SPY https://t.co/4TRz5tADW4

— The AI Dog 🐶 (@TAtheDog) August 27, 2024

However, if the breakout fails, support is expected at $0.000010, which could provide a cushion against further declines. Investors and traders should keep a close eye on these key levels as Shiba Inu’s next move unfolds.

Conclusion:

Shiba Inu’s recent surge in whale inflows and its proximity to critical resistance levels suggest that a major price movement could be imminent.

Whether SHIB will break out or retrace remains to be seen, but the market is eagerly anticipating the token’s next move.