Despite the broader crypto market occasionally registering gains, Shiba Inu has been in a consolidation phase over the past month. However, some analysts believe this period could be coming to an end, with a breakout on the horizon for the asset. Crypto Rand, a well-known crypto analyst, and trader highlighted a pattern observed on Shiba Inu’s daily chart, remarking, “Eyes on SHIB, it’s looking for the breakout!”
The chart displays a descending wedge that SHIB has fallen into repeatedly. Each time SHIB reaches the bottom of the descending wedge, its price experiences a significant increase.
This pattern was observed in October 2022, when the asset reached a high of $0.00001488 before a decline in November due to FTX. Another instance was in December 2022, which led to a rally and a high of $0.00001527 on February 5th this year. As the asset has once again reached the bottom of the wedge, Crypto Rand believes another rally is imminent.
Also Read: Shiba Inu Price Prediction 2023, 2024, 2025: Will SHIB Price Surge In Coming Days?
Shibarium Anniversary and Price Movements
As Shibarium’s first-month anniversary approaches, Shiba Inu’s price has dipped, contrary to the expectations of the community, which anticipated a surge following the platform’s launch.
In the last 24 hours, the price of SHIB has decreased by 0.8%, but it remains 2.5% higher on the weekly chart. Analysts predict that the upcoming launch of SHIB: The Metaverse could benefit Shiba Inu. At press time, SHIB trades at $0.000011.
A Whale’s Selling Spree
Data from Etherscan.io shows that the 29th largest Shiba Inu Whale has sold a staggering 538 billion SHIB, valued at $6.07 million, through five major transactions in the past twelve days.
The whale began selling on April 2nd with a 200 billion SHIB transaction worth $2.25 million. They continued to sell 100 billion SHIB ($1.12 million) on April 5th, 88 billion SHIB ($993,520) on April 7th, 72 billion SHIB ($812,880) on April 11th, and finally 78 billion SHIB ($880,620) forty-one hours prior to the time of writing this article.