- Shiba Inu has broken out from a Bull Flag pattern, which typically signals an upward price movement.
- SHIB whales heavily accumulate the token, making 73.72% of large transactions in 24 hours.
Shiba Inu (SHIB) has verified a breakout from a Bull Flag pattern, a development that often signals the beginning of a significant upward price movement. Analyst Javon Marks has highlighted this event, suggesting that the memecoin could be set for substantial gains.
The breakout has reignited optimism among traders and investors in the Shiba Inu market. Marks emphasizes that SHIB has exited a smaller Bull Flag-like pattern and is currently holding above it. This breakout is crucial as it could initiate another major upward wave in SHIB’s ongoing rally.
$SHIB (Shiba Inu) now holds broken out of a “smaller” Bull Flag like pattern and this breakout may be enough to spark another major wave up in an already massive uphill run!
With a larger breakout also holding, this smaller break can initiate a continuation in an over 210% run… https://t.co/aeZ24NLMgj pic.twitter.com/j2AfojQMsA
— JAVON⚡️MARKS (@JavonTM1) May 20, 2024
According to Marks, this minor breakout can trigger a continuation of an over 210% run, pushing the price to $0.000081 from its current level of $0.0000254. If SHIB surpasses the $0.000081 threshold, it might be poised for an additional 90% increase, potentially reaching $0.0001553.
Potential for Significant Gains
Marks has previously forecasted a surge to the $0.000081 level, noting SHIB’s strong recovery and potential for another major upswing. The current breakout reinforces his earlier predictions, suggesting a possible 141% upside move to hit the target price.
Since breaking out from the resisting trend, SHIB has increased by over 129%. Marks believes that as long as the current prices maintain their breakout, any pullbacks will likely support further price increases. He predicts an additional 252% rise toward the $0.000081 target, bolstered by these pullbacks.
Market Performance and Whales Show Strong Interest in SHIB
In the past 24 hours, SHIB’s price increased by over 6%, reaching $0.00002628 before a pullback brought it down to $0.00002548, a decline of 5.17%. The coin has since recovered by 2.53%, with its current trading price at $0.00002613. Its market cap and trading volume have also seen significant gains of approximately 6.83% and 147%, respectively.
Marks’ prediction began when SHIB ended a 441-day downtrend in September of last year. Given the significance of this development, he believes SHIB is poised for a surge, with a target of $0.000081, representing a 975% rise from $0.0000074.
Recent data from IntoTheBlock indicate that SHIB whales have ramped up their accumulation of digital currency. Within 24 hours, large whale transactions accounted for 73.72% of all SHIB trades. This significant activity includes 327 large transactions, marking an ambitious growth trajectory for SHIB.
In terms of volume, these transactions amount to 5.58 trillion SHIB tokens, valued at $145.48 million. This places Shiba Inu among the week’s top-traded tokens by whales. Whale transactions are defined as those with a monetary value of at least $100,000, underscoring major holders’ substantial interest and investment in SHIB.
The recent activities have also led to a surge in transaction volumes. According to the Shibariumscan explorer, the transaction count increased significantly, rising from 6,000 on May 14 to 18,560 on May 20, a 209.33% jump. This uptick indicates heightened activity and interest in SHIB as more users engage with the token and participate in the ecosystem.
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