Shiba Inu Price Prediction as Whale Moves 4 Trillion SHIB to Unknown Wallet – What's Going On?

cryptonews.com:

The Shiba Inu price has gained by 4.5% today, with its rise to $0.00000701 coming as the wider crypto market increase by the same percentage in the last 24 hours.

SHIB is now up by 2.6% in the past week, with today's movements potentially being helped along by a whale who transferred around $31.75 million in SHIB to an unknown wallet.

And with SHIB still being down by 4% in a month and by 13.5% since the start of the year, it has plenty of catching up to do, meaning that it could be in for additional rises in the next few days.

Despite rising today, SHIB continues to look fairly weak as far as its indicators are concerned, although this could be taken as a sign that the meme token is ripe for a strong rebound.

Most notably, its relative strength index (purple) has risen this morning yet still remains below 50, which could mean that it doesn't have enough momentum to go much further, or it could mean that it's only just getting started.

Something similar could be said for SHIB's 30-day exponential moving average (yellow), which remains well below its longer term 200-day average (blue), a sign of weakness and overselling that today's little rally has done little to override.

Another discouraging sign is provided by the coin's support level (green), which has declined consistently for several weeks.

As such, the past few weeks suggest that SHIB could easily far back down again (and even lower) after its current mini-rally has played out.

This possibility is potentially supported by the aforementioned whale transfer, which saw around 4.5 billion SHIB sent from one unknown address to another.

Such a transfer could be taken as a sign of whale preparing to sell, although without further information, it could also be taken as a sign of