Key Insights:
- 2.869 trillion SHIB worth $36.6 million from an unknown wallet to Coinbase Institutional raises concerns of a potential selloff.
- Shiba Inu coin price prediction indicates a potential risk of a 20% price crash.
Shiba Inu coin price prediction hints that the meme coin is currently on the verge of a reversal, but there is a catch that traders must be aware of. In recent days, SHIB, along with other cryptocurrencies, has recorded a notable price dip.
The Support of Shiba Inu
However, due to strong investor interest, it has managed to maintain its position above the key support level. This key level appears to be playing an important role, as it has a history of strong reversals. Meanwhile, if the sentiment shifts, it may fail to prevent the meme coin’s price from crashing.
2.87 Trillion SHIB Moves to Coinbase, Sell-off Incoming?
At this high time, blockchain-based transaction tracker Whale Alert shared a post on X, revealing the transfer of 2.869 trillion SHIB worth $36.6 million from an unknown wallet to Coinbase Institutional.
This significant transfer of SHIB to such a high-net-worth institutional investor raises concerns of a potential selloff and short-term downward pressure.
So far, it is not yet confirmed whether these tokens have been sold off or if this is part of a strategic trade or an OTC transaction. However, if this wallet is linked to any SHIB whale or early investor, it could be a red flag for investors.
Current Price Momentum
At press time, SHIB was trading near $0.0000128 and showed a modest impact from this transaction, resulting in a 2.25% drop in value.
During the same period, trader and investor participation skyrocketed, indicating they might either be offloading their holdings or preparing according to the sentiment. Data reveals that during this period, SHIB’s trading volume surged by 25%.
This surge in trading volume alongside the drop in the asset price shows strong bearish momentum.
Shiba Inu (SHIB) Technical Analysis and Price Action
According to expert technical analysis, Shiba Inu coin price prediction suggests that the asset is at a key level of $0.00001240. Additionally, from this level, the sentiment will determine where the price heads in the coming days.
The daily chart reveals that it has been over a week since SHIB has continued to show price correction at this level.
However, the last time the meme coin reached this level, it witnessed massive upside momentum. Meanwhile, the sentiment has shifted, and volatility is at its peak, though some expect a similar rally like SHIB experienced in the past.
Shiba Inu Coin Price Prediction
So far, the SHIB daily chart shows that if the meme coin continues to hold its key support, the Shiba Inu coin price prediction suggests a potential upside rally of over 14% could be possible.
On the other hand, if the sentiment shifts and bearish whale transactions soar, the Shiba Inu coin price prediction indicates a potential risk of a 20% price crash.
Market Structure and RSI
With the prolonged bearish market structure, the SHIB price has continued to trade below the 200-day Exponential Moving Average (EMA), indicating that the asset is in a downtrend. According to the daily chart, such patterns help traders and investors make informed decisions.
As of now, SHIB’s Relative Strength Index (RSI) stands at 38, indicating that the asset is in oversold territory, a level that typically suggests selling pressure may be exhausted.
Historically, such RSI levels have preceded short-term rebounds or trend reversals, especially when accompanied by rising trading volume or bullish divergence on the chart.