The price activity of the Shiba Inu has formed a bottom reversal pattern over the last three months. Although far away, a breakout from this setup suggests an exponential surge to the upside.
SHIB Price Action
Since January 4, the Shiba Inu price action has generated two separate troughs known as Adam and Eve. SHIB developed a V-shaped valley known as “Adam” from January 4 to February 9, followed by a rounded bottom structure known as “Eve.” The Eve isn’t finished yet, and SHIB is hovering above a vital support area.
The Adam and Eve setup will be complete if SHIB retests the $0.0000329 hurdle. In this scenario, the formation predicts a 38 percent upswing to $0.0000454, which is calculated by adding the valley’s depth to the breakout point at $0.0000329.
As previously said, SHIB is currently sitting at $0.0000249 and is still a long way from finishing the setup. The prospects of an upswing are high because the Shiba Inu price is trading within the $0.0000235 to $0.0000255 demand zone.
SHIB will begin a 38 percent upswing to $0.0000454 if it can overcome the $0.0000329 hurdle. This move would result in a gain of 83 percent over the present position.
While the dog-themed cryptocurrency appears to be on the mend, a daily candlestick close below the $0.0000211 support level would contradict the bullish argument by generating a lower low.
This development will benefit the bears, and a crash to $0.0000094 is possible.
Ethereum whales shop SHIB tokens!
Shiba Inu (SHIB) has surpassed FTX token (FTT) as the most valuable cryptocurrency held among the top 100 Ethereum (ETH) whales.
After the Shiba community launched a metaverse effort to expand its ecosystem, the token received a significant increase in interest.
This appears to have been ironed out for the meme cryptocurrency, with ETH whales stockpiling SHIB as the price falls.
According to WhaleStats, the top ETH wallets own roughly $1.28 billion in SHIBs, accounting for 14.17 percent of their overall holdings.
SHIB surpassed FTX, which had held the top rank for quite some time, thanks to the new holdings. ETH whales currently hold $1.15 billion in FTX coins, accounting for 12.82 percent of the whale wallets’ total holdings.
The FTX token is currently ranked first among the top ten coins sold in the last 24 hours. The token, on the other hand, is ranked fourth among the top ten coins sold in the last 30 days.
On the same 30-day count, SHIB is also ranked seventh. Given the present overall downturn in the crypto market, this immediately signals huge selling of both coins by ETH whales.