SHIBA INU Price Increased by 28.61%, Will it Keep Increasing?

SHIBA INU (SHIB) had been following the crypto winter trend for 11 weeks, but after the news of an Ethereum Whale (BlueWhale0073) accumulating 163,200,000,000 SHIB came out, the meme coin is showing signs of revival. This particular transaction would have a value of $1,575,710.

This news has caused the coin to draw attention and could be the reason for SHIB cracking the top 10 trending list of CoinMarketCap within 13 hours.

According to CoinMarketCap, the price of SHIB now sits at $0.0000102. This is a 24-hour increase of 1.5% and a weekly price increase of 25.73% — taking the coin’s market cap up to $5.6 billion.

Based on the weekly and 4 hours chart for SHIB/USDT chart, this week’s candle touches near the support level of 0.00001010 and it is going for a reversal after having buyers put an order block at 0.00000812. During this 11-hour period, the price of SHIB increased from the lower sideway range and shot up to 0.00001201 within one day.

As seen in the weekly chart above, the buying pressure around the support line hasn’t broken the selling momentum yet. But after breaking out the 200 EMA line in the 4-Hour Candle, the price turns to take a retrace under the 200 EMA line. As it approaches and goes sideways near the 200 EMA line, we may see a drop in SHIB price in the next 48 hours.

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