The meme coin frenzy seems to be making its way back riding on Bitcoin price rally to a new year-to-date high at $36,000. Tokens line Pepe Coin, Floki Inu, Bonk, Shiba Inu, and Dogecoin sustained the bullish outlook throughout October, as investors moved quickly to book positions ahead of what is expected to be a spectacular bull run.
It is expected that investors will closely follow Bitcoin price while keeping tabs on the altcoin market. According to Rekt Capital, a renowned trader, and analyst, the bear market is now in the distant past “and an entire BTC bull market is ahead of us.”
He implores investors not to panic about missing out on accumulating Bitcoin because they still have a chance to get onto the altcoin bandwagon.
“You can make up for it and then some by playing the altcoin breakouts,” the analyst continued. “There is always another opportunity around the corner.”
A #BTC breakout to new Yearly Highs opens up Money Flow into Altcoins
So even if you missed the $BTC breakout…
You can make up for it and then some by playing the Altcoin breakouts
There is always another opportunity around the corner#Crypto #Bitcoin pic.twitter.com/TvF7Gu6jfW
— Rekt Capital (@rektcapital) October 25, 2023
Shiba Inu Price Prediction: SHIB Consolidates Under $0.000008
Shiba Inu came close to starting a new recovery phase above resistance at $0.000008 but profit booking and perhaps the lack of buyers has resulted in a minor pullback to $0.00000778.
However, declines may be limited if the second-largest meme coin firmly holds support at the 100-day Exponential Moving Average (EMA) (blue). Trading below this level could further destabilize the token but another support is likely at the 50-day EMA (red).
Continued movement below the second immediate support would imply that investors may start to make decisions to lock in the gains. This could translate to more selling pressure, as Shiba Inu price drops to seek support and liquidity at lower levels toward the double-bottom pattern support at $0.0000065.
The Direction Movement Index (DMI) confirms the short-term bearish outlook. However, traders should be alert for a possible bounce back from the 100-day EMA. A second attempt at breaking above the seller congestion at $0.000008 could see Shiba Inu quickly closing the gap to $0.00001.
Meanwhile, whales, or large volume holders, have been moving huge amounts of SHIB tokens this week. Whale Alert, a platform that tracks massive transfers of crypto, reported on October 31 that SHIB tokens worth approximately $35 million had been moved from an unknown wallet to another unknown wallet.
🚨 🚨 4,474,530,677,374 #SHIB (35,357,741 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mqfi7J2e35
— Whale Alert (@whale_alert) October 31, 2023
There was yet another massive transfer of the meme coin on Wednesday. This time about 4.46 trillion SHIB approximately $33.9 in dollar value was moved from the Bitvavo exchange to an unknown wallet.
🚨 🚨 4,464,530,677,374 #SHIB (33,914,658 USD) transferred from #Bitvavo to unknown wallethttps://t.co/NaiOAbxqX2
— Whale Alert (@whale_alert) November 1, 2023
These two transfers stand out as the largest over the last few months raising concerns among investors. Often the origin or destination of token transfers suggests whether they are bullish or bearish.
For the first transfer, its impact is uncertain as it could be a holder moving SHIB for safekeeping. We cannot also rule out an over-the-counter sale but even in such a case, sales are conducted in a manner that does not significantly impact the open market.
The second transaction could be bullish for Shiba Inu because it originates from a centralized exchange to a private crypto wallet. Movement of tokens from exchanges implies less selling pressure and, therefore, the possibility of a price increase.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
