Sleeping Giant? Shiba Inu Price Poised for Sixfold Boost as Trillions Of SHIB Flow Into Whale Wallets
Shiba Inu (SHIB), the second-largest meme coin by market cap, may soon awaken, according to popular cryptocurrency analyst Zach Humphries.
In a recent YouTube video posted Friday, Humphries expressed his optimism about SHIBs potential, predicting a five- to six-fold price surge if current market dynamics align.
Notably, Humphries, an influential voice within the Shiba Inu community, began by highlighting the growing momentum surrounding SHIB, emphasizing its connection to Ethereums ecosystem. He further pointed out that Shiba Inu, ranked 13th by market cap, is positioned to capitalize on Ethereums growth as its ecosystem gains traction.
Shib and Pepe are primed and ready to go. I think its coming Ethereum is starting to show signs its quiet right now, but it wont be quiet for very long, He noted.
Focusing on SHIBs technicals, the pundit discussed breaking through the $0.00002960 resistance level. According to him, this would trigger a bullish rally that could push SHIBs price higher, with a potential sixfold gain if Ethereum climbs to the $7,000$8,000 range.
If SHIB breaks that $0.2960 level, look out we could start to make another push back into the mid-threes, he stated, adding I think as long as eth gets to seven to $8,000, were probably getting a you know 10x out of PEPE and probably a five to six out of SHIB minimum.
The sentiment among other analysts aligns with Humphries enthusiasm. Pouyan, a TradingView analyst, highlighted a critical multi-year trendline resistance in the SHIBs weekly price chart, noting that breaking it could result in a 150% price increase, with a target of $0.000074. However, he cautioned that failure to breach this resistance might lead to a drop toward $0.000011.
Bolstering this optimism, on-chain data from IntoTheBlock shows a sharp 82% rise in SHIBs Large Holders Netflow within the past day, with 2.4 trillion SHIB worth around $72 million flowing into whale wallets. This surge often indicates reduced selling pressure, paving the way for upward momentum.
SHIBs Relative Strength Index (RSI), currently at 61, reinforces the bullish outlook, suggesting the asset is not overbought and still has room to rise past the 70 threshold. As long as SHIB holds above the key multi-year support at $0.000020, a break above the March 2024 high of $0.000045 seems likely, potentially triggering an explosive rally.
At press time, SHIB was trading at $0.000002805, reflecting a 2.27% drop in the past 24 hours.
Text source: ZyCrypto
