Can Shiba Inu Overcome Resistance and Reach $0.000038? Analysts Weigh In – What’s the Price of Success?
- Analysts believe that if Shiba Inu breaks past its current resistance at $0.000027, it could surge to $0.000038, with AI predicting that the token will end the month at $0.000031.
- Old SHIB wallets are accumulating again, racking up a trillion tokens recently, which has sparked speculation of an impending price pump.
Analysts remain bullish on Shiba Inu despite its lack of momentum over the past week, with some predicting that it could hit $0.000038 this month, a 48% increase from its current price.
SHIB trades at $0.00002575 at press time. It has gained 8% over the past day, inspired by a rebound in investor interest as trading volume surged 40%. In the past day, most major cryptos were in the green, with BNB shooting up 8%, while Bitcoin and Dogecoin each gained just under 3%. BTC, in particular, hit $71,000 for the first time in over two weeks, boosted by a massive inflow into its spot ETFs, as Crypto News Flash reported.
Year-to-date, SHIB has gained 149%. While this is lower than some of the newer and more volatile meme coins like Pepe, which gained 1,000%, and WIF, which is up 2,100%, it’s still a massive leap. For context, the meme coin king Dogecoin only gained 82%, while Bitcoin, Ethereum and Solana each gained around 60%.
Shiba Inu to Hit Three-Year High
SHIB has been stuck in a consolidation phase since May, with $0.000022 emerging as the meme coin’s support. This support has come under pressure in the past week, but the bulls have defended it valiantly; the surge in the past 24 hours has helped alleviate some of this pressure. If this support is breached, the next support will come in at $0.000018.
The token’s resistance has emerged as $0.000027, but with the recent surge, this level might be tested soon. If the coin breaks past this, it could hit a new local high at $0.000038, which would be the highest price it has traded at since its monster bull rally of 2021.
The bullish thesis is supported by artificial intelligence. An AI-powered price prediction platform projects SHIB to end the month at $0.000031. This tool relies on technical indicators, including the relative strength indicator and the MACD.
Some key indicators are also bullish, including the Network Value to Transaction (NVT) ratio, which stands at 153.65. A low ratio indicates that a token is undervalued.
SHIB whales are also supporting the recent surge and are betting on the impending uptrend. According to Spot on Chain, some of the earliest investors in SHIB have arisen and are accumulating massive amounts of the meme coin. At press time, these old wallet addresses have racked up around a trillion tokens.
One whale spent $3.83 million to purchase 150 billion SHIB. He deposited it into a wallet that holds 5 trillion SHIB, which he purchased back in early 2021.
An early buyer entity with $145M profit from $SHIB is re-buying the token after 2 years!
In the past 5 hours, the entity swapped 4,849 $WETH ($18.5M) for 715.8B $SHIB, pumping the price by 4.6%.
The entity still holds 9,207 $ETH and $WETH ($34.9M) and may continue to buy more! pic.twitter.com/KwjVJ8KLs5
— Spot On Chain (@spotonchain) June 5, 2024
