A whale that had been accumulating SHIB tokens for two months has dumped all of its holdings and is now favoring a bearish Shiba Inu price prediction—is this meme coin set to drop to $0?
Data from Arkham Intelligence shows that this whale wallet used Coinbase Prime to acquire 202.48 billion SHIB tokens two months ago when the price was sitting at around $0.00001200. The position should have been worth around $2.4 million at the time.
Two days ago, that same wallet dumped its entire stake in this cryptocurrency and may have turned a $200,000 profit.
The timing for this dump is interesting as Shiba Inu is approaching its 200-day exponential moving average (EMA), a technical indicator that tends to signal the trajectory of an asset’s long-term trend.
Did this whale receive a sell signal in its trading interface that triggered the sudden closing of such a large position?
Shiba Inu Price Prediction: SHIB’s Price Action Favors a Bullish Outlook Despite Bearish Whale Activity
Although this whale’s big sale may be considered a reason to hold a bearish Shiba Inu price prediction, the latest price action indicates otherwise.
SHIB seems set to retest the trend line resistance of a descending price channel that has been forming for months.
If we get a bullish breakout within the next few days, which seems to be the case based on how the token has been performing lately, SHIB could move to $0.00004567 first and then deliver huge gains exceeding 1,000% after a brief retest of that key area from above.
In the past 7 days, the token has accumulated a 14.3% advance. Meanwhile, trading volumes have increased by 36% in the past 24 hours despite this whale activity.
The Relative Strength Index (RSI) has jumped above the mid-line, favoring a bullish outlook, and we could expect a move above $0.00001600 shortly to confirm SHIB’s trajectory toward making a higher high.
It is highly unlikely the Shiba Inu’s market cap will drop to $0 despite this recent sale. The latest price action indicates that the token’s trajectory continues to be upward and market conditions favor this positive outlook as well.
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Click Here to Participate in the PresaleThe post Shiba Inu Price Prediction: 200 Billion SHIB Whale Dump Hits Coinbase – Is SHIB Going to $0? appeared first on Cryptonews.
