Experts anticipate that a breakthrough of the current resistance level at $0.000027 could propel Shiba Inu to reach $0.000038, with artificial intelligence forecasting that the token will close the month at $0.000031.
The resurgence of old SHIB wallets accumulating a trillion tokens has sparked speculation of a potential price surge.
Despite a recent lack of momentum, analysts remain optimistic about Shiba Inu’s future, with some predicting a potential increase to $0.000038 this month, representing a 48% surge from its current price of $0.00002575.
At present, SHIB has seen an 8% increase in value over the past day, driven by a resurgence in investor interest leading to a 40% surge in trading volume. Other major cryptocurrencies also experienced gains, with BNB rising by 8%, and Bitcoin and Dogecoin each increasing by just under 3%. Bitcoin hit $71,000 for the first time in over two weeks, fueled by significant inflows into its spot ETFs.
Year-to-date, SHIB has seen a remarkable 149% increase in value, outperforming popular meme coins like Pepe and WIF, as well as traditional cryptocurrencies such as Bitcoin, Ethereum, and Solana.
Shiba Inu is poised to hit a three-year high, with a key support level established at $0.000022 and the next support level anticipated at $0.000018 if the former is breached. The token’s resistance level is currently at $0.000027, but a breakout could potentially lead to a new high at $0.000038, surpassing the peak from the 2021 bull run.
The bullish outlook for SHIB is further supported by artificial intelligence, which predicts a month-end price of $0.000031 based on technical indicators like the relative strength index and the MACD. Additionally, bullish indicators such as the Network Value to Transaction ratio suggest that SHIB may be undervalued.
Whales holding SHIB are also contributing to the recent surge, with early investors accumulating significant amounts of the token. One whale recently invested $3.83 million to acquire 150 billion SHIB, adding to a wallet already holding 5 trillion SHIB purchased in early 2021.
Another entity with a $145 million profit from SHIB is reinvesting in the token after two years, exchanging $18.5 million worth of WETH for 715.8 billion SHIB, causing a 4.6% price increase. The entity still holds 9,207 ETH and WETH and is likely to continue accumulating more SHIB tokens in the future.