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Ekta Mourya
FXStreet
Shiba Inu, the second-largest meme coin, is closer to its breakout according to analysts. While declining trade volume and inflows to SHIB are typical of a bearish trend reversal, analysts remain bullish on SHIB. Analysts have predicted a recovery in Shiba Inu, after the meme coin yielded nearly 50% gains to holders within a week.
Also read: Three reasons why meme coins Dogecoin and Shiba Inu are hot again
Shiba Inu is currently the largest non-Ethereum ERC-20 holding in the wallets of top 1,000 whales on the ETH network. Shiba Inu yielded nearly 50% gains over the past week, fueling a bullish sentiment among holders. Throughout July 2022 and the first week of August 2022, large wallet investors on the Ethereum network consistently scooped up Shiba Inu tokens, buying the dip.
The top 500 whale wallets on the Ethereum network hold upwards of 119 billion Shiba Inu, scooped up during price drops throughout July and first week of August 2022. These whales’ SHIB holdings are currently worth $1.89 billion and make up 5.91% of their portfolio, based on data from WhaleStats.
Accumulation by whales is a bullish sign for a token. In the case of Shiba Inu, this is a signal of a breakout. Analysts predict a massive breakout in SHIB as accumulation continues and large wallet investors hold the Shiba Inu tokens that they have accumulated, instead of immediate profit-taking.
Based on data from Shibburn, Shiba Inu’s burn tracker, 16.2 million Shiba Inu tokens were burnt overnight. A total of 410.37 trillion Shiba Inu tokens have been burnt so far, assuring SHIB holders of a spike in the meme coin’s value in the long run. While burn rate decline 79%, there was a massive SHIB burn over the weekend, and several transactions burned upwards of 1 million Shiba Inu tokens in one go. 
Latest Shiba Inu burn transactions
Analysts at FXStreet have evaluated the likelihood of Shiba Inu price lacking momentum and a decline in the meme coin’s price. For key price levels and targets, check the video below. Analysts argue a bearish thesis for Shiba Inu price, considering the possibility of a downtrend in Dogecoin’s competitor.
Shib Knight, a crypto trader and analyst identified $0.00001599 and $0.00001630 as the resistances for Shiba Inu price. The analyst considers $0.00001505 as immediate support for Shiba Inu.
https://twitter.com/army_shiba/status/1559785683736301568
$SHIB is trying to break resistances!
Targets are 1630, 1655, 1749
Supports are 1599, 1505
My channel: https://t.co/MOAqqxE2IH pic.twitter.com/M2Iq51Vx1F
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Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
Ethereum (ETH) price is attempting to crack above a major moving average that, if it gives way, could open the door to a 20% rally back up to the August highs at $2000, with along the way $1,688.
Robinhood announced Cardano’s listing on its exchange platform, fueling a bullish sentiment among ADA holders. Two key exchanges added support for Cardano ahead of a milestone event in the Ethereum-killer altcoin.
Shiba Inu (SHIB) price action is playing a famous song from the British band ‘The Clash,’ that most people probably know: “Should I stay or Should I go?”
Bitcoin price shows an ongoing consolidation as it hovers at the same level for the past six days with no signs of directional bias. A breakout from this tightening range could result in a bearish move that eyes a sweep of the sell-stop liquidity below recent lows.
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![Shiba Inu [SHIB] may need more than the Metaverse to wake up from its slumber](https://pixelshibainu.com/wp-content/uploads/2022/09/minh-pham-LTQMgx8tYqM-unsplash-150x150.jpg)
