A sudden increase in the price of the Shiba Inu by 10% for this reason. Is this a buying opportunity?

I witnessed Shiba Inu Coin (SHIB) increased significantly by 10% in the last 24 hours. In line with the general rise in the digital currency market led by Bitcoin. But this increase is also attributed to the activity of one of the ancient SHIB whales. Who woke up after three years of inactivity and bought 323 billion SHIB tokens in a few hours.

A sleeping whale wakes up

Spot on Chain platform, specialized in blockchain monitoring, She poured Shedding light on the activity of this large whale, in a tweet on Twitter. Data shows that this whale received 167 billion SHIB in April 2021, eight months after the release of the Shiba Inu, one of the first whales to interact with... SHIB.

At the time of the Spot on Chain report, the whale had acquired 149.3 billion Shiba Inu coins. Using approximately 1,000 units of encapsulated Ethereum (WETH) worth $3.83 million. After the report was released, the whale continued to buy, acquiring an additional 173 billion Shiba Inu coins.

At the end of these transactions, the whale had exchanged 2,188 units of... WETH Wrapped Ethereum Coin For 323 billion Shiba Inu coins worth $8.29 million in just three hours. Since the last update, Whale has not sold or distributed any of these currencies. It still maintains a balance of 323 billion SHIB coins.

Shiba Inu SHIB Price Technical Forecast

technically Shiba Inu SHIB parts prices It highly respects the Fibonacci retracement levels of the recent bullish wave that began late last February. The downward correction wave stopped at the 61.2% Fibonacci level.

So keep going SHIB Price Moving into an ascending price channel (blue), after crossing the upper border of the descending price channel. But it was unable to close above the 38.2% Fibonacci retracement level at $0.00002780.

Breaking this resistance level and closing above it is a prerequisite for continued upside. Alongside continued positive sentiment in the market.

In principle, any pullback towards the lower boundary of the ascending channel or towards Fibonacci levels could be a good buying zone, but with extreme caution.