Shiba Inu (SHIB) May Show 10% Price Movement, But There's a Catch: Analyst
Crypto analyst and trader Ali Martinez took to his Twitter handle on Monday to share a prediction that may make the SHIB army happy. He tweeted that the second largest canine token by market capitalization value, SHIB, may show a 10% price move from the position it held back then. The analyst suggested watching the point on the chart from where the SHIB price could either keep rising or begin a downward trend. So far, the Shiba Inu price on that chart has gone down roughly 5% in the past 24 hours.
SHIB price goes down
Martinez shared a 1000SHIB/TetherUS Perpetual Futures chart. He warned that the rising price movement requires a confirmation was necessary, so traders should wait for a 30-minute candle to close above the $0.0146 level or under $0.0142. Either will show in which direction the SHIB price will start moving from there.
Looking at the chart now, there was a red 30-minute candle on the chart, and the price went down more than 4% since then.
Overall, in the past 24 hours, the second most popular meme coin has lost more than 5%, now exchanging hands at $0.00001395. It remains to be seen if that is indeed the start of a new downward trend for SHIB.
SHIB whales buy $128 million
SHIB As reported by U.Today, over the past six days, the top hundred wallets on Ethereum had accumulated a mind-blowing $128 million worth of Shiba Inu. This sum in crypto is equal to 9,149,392,423,159 SHIB at the current exchange rate.
This turned the Shiba Inu doge-themed token into the biggest crypto holding of these whales in U.S. dollar equivalent as they held $728,981,399 in total on Monday.