Shiba Inu Surges: Whale Activity Jumps 7,429% in Bullish Move

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Shiba Inu has experienced a massive surge in whale netflows, increasing by an astonishing 7,429%, according to data from IntoTheBlock. This spike in large holder netflows reflects a significant change in whale positions, indicating a trend of increased accumulation among large investors. Generally, when whale netflows rise, it signals that prominent holders are buying up more of the asset, which can hint at a bullish outlook.

Potential Bullish Implications of Increased Whale Netflows

This remarkable increase in SHIBS’s netflows is noteworthy, as it suggests strong accumulation by major players in the crypto market. A positive trend in large holder netflows typically indicates growing interest and confidence in the asset. However, while the 7,429% surge in whale activity is an optimistic sign for SHIB, it does not guarantee immediate price growth. Broader market factors, such as overall sentiment and Bitcoin’s performance, could also influence SHIB’s price.

Shiba Inu’s price rallied to $0.0000199 on November 6 as positive market sentiment boosted various assets, including dog-themed tokens. Bitcoin’s new all-time high above $75,000 has further fueled optimism, potentially benefiting Shiba Inu and other altcoins. This recent upswing saw SHIB posting significant gains over two consecutive days, reaching its recent high of $0.0000199.

Key Levels to Watch: Resistance and Support

Despite this rally, SHIB has since slightly pulled back, falling 1.79% in the past 24 hours to a current price of $0.00001872. The $0.000020 resistance level remains crucial for bullish momentum.

_{Source: CoinMarketCap}

Should SHIB break and close above this level, it could complete an inverted head-and-shoulders pattern, potentially triggering a new rally toward $0.000026, followed by a move to $0.000029. On the downside, SHIB could face near-term consolidation if it fails to break resistance, remaining between $0.000013 and $0.000020.