As investors await important US jobs data and PMI survey results to be released during the week, leading cryptocurrencies are performing well despite a lackluster atmosphere in the broader crypto market.
Shiba Inu Shows High Performance!
Popular meme token Shiba Inu (SHIB), according to CoinGecko, is the only cryptocurrency in the top 20 in the past 24 hours, benefiting from a trading volume exceeding $150 million.
SHIB was trading around $0.00000850 with an approximately 2.5% increase during the day, around the midpoint of the $0.0000082-88 range over the weekend. More importantly, SHIB reached its highest level since the beginning of June by surpassing the key support-resistance region above the $0.000008 mark, which had been trading at low levels and above the 100-day moving average during the weekend.
Considering that this creates an ascending triangle recently, it confirms the short-term upward trend of the meme token and, as a result, short-term price predictions may rise later. It seems that buying from whales is helping to direct positive price movement.
Report from Santiment on SHIB!
According to a tweet from on-chain analytics firm Santiment, wallets holding between 10 million and 100 billion SHIB tokens accumulated $8 million in the past eight weeks. Additionally, if the trend continues, whale purchases can further drive up the token, as whales were eager to buy at the lowest levels in several years, around $0.000006 last month.
With the rally in whale purchases and other similar meme coins like Dogecoin, the short-term outlook for SHIB looks promising and technical analysis further strengthens the bullish scenario. If SHIB can convincingly break the old resistance levels at the $0.000008 mark, the door opens for a rapid rally towards the highest level at $0.0000092 at the end of May, followed by the low levels in March/April and the psychologically significant 200DMA around $0.000010. This could mean easy short-term gains in the 18% range for SHIB.
