Shiba Inu Price Prediction: Will Meme Coin Rise Or Fall as Whales Transfer Millions of SHIB?

The price of Shiba Inu is consolidating between the 100-day EMA support level and the $0.000001 resistance level.

With Bitcoin’s price having recently reached a new yearly high of $36,000, the meme coin craze appears to be making a comeback. In anticipation of what is widely anticipated to be a tremendous bull run, investors have been rushing to book positions in tokens such as Pepe Coin, Floki Inu, Bonk, Shiba Inu, and Dogecoin during the entire month of October.

Investors are likely to keep an eye on both the Bitcoin price and the altcoin market. Rekt Capital, a prominent trading firm and market analyst, claims that “an entire BTC bull market is ahead of us” now that the bear market has ended.

In case you missed the boat on Bitcoin, he says, there’s still time to jump on the altcoin bandwagon.

“You can make up for it and then some by playing the altcoin breakouts,” the analyst said. Another chance will present itself eventually.

Shiba Inu Price Prediction: SHIB Undergoes Consolidation at $0.000008

After nearly beginning a fresh rebound phase above resistance at $0.000008, Shiba Inu has pulled back to $0.00000778 due to profit taking and possibly a lack of buyers.

The second-largest meme coin may be able to prevent losses if it is able to sustain gains above the 100-day Exponential Moving Average (blue). The token’s stability could be further threatened by trading below this level, although the 50-day EMA (red) is expected to provide some relief.

Continued movement below the second immediate support would signal that investors may start to make decisions to lock in the gains. This might lead to more selling pressure as the Shiba Inu price descends to find support and liquidity at lower levels, perhaps at the $0.0000065 level indicated by a double-bottom pattern.

The DMI (Direction Movement Index) supports the gloomy scenario for the near future. Traders should be on the lookout for a reversal off the 100-day EMA, though. Shiba Inu may soon close the deficit to $0.00001 if it is successful in its second effort at breaking above the selling congestion at $0.000008.

Meanwhile, high volume investors, or “whales,” have been trading a significant number of SHIB tokens this week. The cryptocurrency transaction monitoring service Whale Alert revealed on October 31 that almost $35 million worth of SHIB tokens had been transferred from one unknown wallet to another.

Another huge exchange of meme currency occurred on Wednesday. This time, around $33.9 in USD was transferred from the Bitvavo exchange to an unidentified wallet, or 4.46 trillion SHIB.

These two transactions are the largest in the recent few months, which has investors worried. Whether a token transfer is bullish or bearish can often be deduced from its source or recipient.

The initial transfer might be a holder relocating SHIB for safekeeping, therefore its significance is unclear. Even if sales are made over the counter, which we can’t completely rule out, it won’t have much of an effect on the market as a whole.

Because it comes from a centralised exchange to a personal crypto wallet, the second transaction may be bullish for Shiba Inu. Token withdrawals from exchanges indicate a reduction in selling pressure, which could lead to a price hike.

Where to Trade SHIB Futures?

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Why Trade SHIBUSDT Futures on BTCC

To trade Crypto futures, you can choose BTCC crypto exchange.BTCC, a cryptocurrency exchange , was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone. Over 11 years of providing crypto futures trading services. 0 security incidents. Market-leading liquidity.

Traders may opt to trade on BTCC for a variety of reasons

• Secure：safe and secure operating history of 11 years. Safeguarding users’ assets with multi-risk management through the ups and downs of many market cycles
• Top Liquidity：With BTCC’s market-leading liquidity, users can place orders of any amount—whSHIBer it’s as small as 0.01 BTC or as large as 50 BTC—instantly on our platform.
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BTCC FAQs

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Since its inception in 2011, BTCC has made it a priority to create a secure space for all of its visitors. Measures consist of things like a robust verification process, two-factor authentication, etc. It is considered one of the most secure markets to buy and sell cryptocurrencies and other digital assets.

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