Over the last few days, Shiba Inu (SHIB) has had the attention of whales on lockdown, Lookonchain revealed. According to Lookonchain, another whale bought SHIB worth $1.38 million on January 11.
This came after Coin Edition recently reported that the Shiba Inu token was one of the cryptocurrencies involved in a large buying spree. However, Lookonchain noted that four whales, including Tron (TRX) founder Justin Sun, have also bought SHIB in the last 30 days.
The on-chain tracking handle, noted in the post above, has 577 billion SHIB. Another one of the addresses accumulated 136.86 billion.
SHIB Tries to Match BTC and ETH
Large buys like this usually have a positive impact on a cryptocurrency’s value. Interestingly, SHIB seems to be reaping the gains of the accumulation. Following the accumulation, the price of SHIB has been making moves to match Bitcoin (BTC) and Ethereum’s (ETH) performance since the new year began.
At the time of writing, SHIB’s price was $0.000010, an 8% jump from its value on January 10. From a technical perspective, the RSI confirmed that SHIB’s buying momentum had increased. At press time, the RSI was 66.05. If the buying pressure continues to increase, then the RSI reading might also climb. In turn, the SHIB price might also increase.
However, if the RSI reading hits an overbought level of around 70.00, the value of SHIB might reverse. Irrespective of the movement, SHIB would likely trade above $0.0000094. This was because it had formed support at that level.
Further Growth Is Possible
At the same time, SHIB could grow to $0.000011 if bulls do not give sellers any breathing space to dominate the market. The signals shown by the Awesome Oscillator (AO) indicated that SHIB might hold on to the $0.000010 region for a while.
The AO reading was in positive territory, indicating increasing upward momentum for the token. As long as the AO stays in the green, a decline to $0.0000094 would be off the cards. But if bulls are unable to curtail the activities of bears, SHIB might lose its northward momentum.
Furthermore, the buy/sell volume showed that there were not as many sell orders compared to the buys. Also, the Cumulative Volume Delta (CVD) confirmed this position.
SHIB/USD 4-Hour Chart (Source: Coinalyze)
At press time, the CVD value had increased, indicating strong buying interest. But to prevent SHIB from retracing, buyers have to be aggressive while helping the CVD turn positive.
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