Shiba Inu Price Eyes 30% Upside Amid Technical Breakout
Shiba Inu (SHIB) attempted a rebound on August 4 but failed to hold momentum. As of August 5, SHIB trades at $0.0000127, reflecting a modest 0.27% decline over the past 24 hours. Despite this, optimism is building among analysts. SHIB Knight, a prominent market observer, believes the token could climb to $0.000016, citing a bullish falling wedge pattern forming on the charts.
This technical setup, while not a guarantee of a rally, often signals a potential reversal if the price breaks above resistance. According to SHIB Knight, that breakout may already be underway. The token has moved above the wedge’s upper boundary, suggesting a shift in momentum. Based on the pattern’s height, SHIB could rise to $0.000014 or even $0.000016, representing a possible 33% surge from current levels.
Momentum appears to be building. Data shows a 40% increase in trading volume over the past day, indicating growing interest from buyers. While this projected rally is short-term, analysts remain optimistic about SHIB’s long-term prospects, especially heading into 2025.
Whale Activity and Exchange Outflows Signal Renewed Interest
Concerns had emerged recently about declining whale interest in Shiba Inu, but fresh on-chain data suggests a reversal. Large holders are returning, hinting at renewed confidence in the token. According to IntoTheBlock, whale transactions jumped from 2.7 million to 26.2 million in just 24 hours, a staggering 870% increase.
This resurgence may be linked to rising network activity. Woofswap has proposed a Shibarium upgrade, which could enhance transaction speed and efficiency. A faster Shibarium would likely boost SHIB’s utility and price performance.
Exchange outflows further support the bullish case. Coinglass data reveals that $3.4 million worth of SHIB has exited exchanges over the past two days, outpacing inflows. This trend suggests holders are moving tokens to private wallets, often a sign of long-term conviction.
SHIB Knight’s forecast hinges on sustained whale interest and continued exchange outflows. If these trends persist, Shiba Inu could be poised for significant gains. With the broader crypto market showing signs of recovery and geopolitical tensions rising, this may be an opportune moment to begin dollar-cost averaging into SHIB.
Frequently Asked Questions (FAQs)
- Is a Shiba Inu price recovery possible?
Yes, SHIB has the potential to rebound, especially if the overall crypto market strengthens and fresh investor interest picks up.
- What’s driving analyst optimism around Shiba Inu?
Analysts are optimistic due to a falling wedge pattern forming on the lower four-hour chart, which often signals a potential trend reversal.
- Are whales accumulating Shiba Inu?
Whales typically buy during price dips and sell during rallies. A spike in whale activity suggests growing confidence and could indicate upward momentum for SHIB.
