Shiba Inuhas re-entered the accumulation phase where experts such as Myles G Investments expect it to move beyond $0.000054.
The overall trend in the crypto market has cooled, with some assets remaining flat while others experiencing slight losses. However, market observers are of the view that this is the calm before the storm.
The latest consolidation phase marks a period when Shiba Inu broke below the $0.00004567 level on March 5 and has failed to post a steady rise since then.
On February 23, SHIB jumped from $0.00000954 to a 27-month high of $0.000045 on March 5. Additionally, it increased by 371% in just 11 days. However, since then, Shiba Inu price has been trading in a range, declining from the $0.000045 level.
Shiba Inu in Accumulation Phase
SHIB, also on March 11 Bitcoin He could not benefit from the (BTC) rally either. On the other hand, the leading cryptocurrency exceeded the $72,000 level. Data shows that Shiba Inu price movements could be a sign of a significant increase depending on the range.
Crypto analyst and YouTuber Myles G Investments highlighted this issue in a recent post. The experienced trader used the 4-hour chart to show that the Shiba Inu has moved back into the accumulation zone.
This phase usually occurs after a sharp price drop. It often involves large purchases by whale investors. IntoTheBlock data confirms this trend, showing that large holders continue to increase their balances, with inflows increasing by 5,102% over the last 30 days.
Additionally, there has been an increase in the number of addresses owning a Shiba Inu worth at least $100 in the last 30 days. Additionally, there was a 338% increase in the number of addresses holding more than $10 million. It is possible that this trend indicates a stable accumulation. On the other hand, it may also reflect a positive increase in balances due to the recent upward trend.
A Possible Surge Beyond $0.000054
In particular, an asset in the accumulation phase often fluctuates in its price range before rising. Myles G Investments expects this eventual price increase to lead to new highs. Additionally, after a slight decline, he predicts another rally above $0.00004. After this decline, he is of the opinion that SHIB may rise above the $0.000054 region.
Daily chart data shows that the Shiba Inu experienced similar price movements during the 2021 bull run. SHIB first rose 406% from $0.00000697 in September 2021 to $0.00003528 in October 2021. Following this rise, SHIB declined from its high of $0.000035.
SHIB then consolidated in the accumulation phase for several weeks before experiencing a major surge in late October 2021. This rise reached up to $0.00008845 on October 28, 2021. SHIB is currently trading at $0.00003302. In this context, it seems ready to repeat this rise.
Source : The Crypto Basic