Shiba Inu Price Prediction: SHIB set to drop 20% as whale moves bulk load of coins
- Shiba Inu sees whale investor move 180 billion coins to exchanges Gemini and CRO.
- SHIB is at risk of tanking further as previous experiences resulted in a sell-off.
- Expect to see nearby support come under pressure by this move.
Shiba Inu (SHIB) price looks likely to tank in case crucial nearby support cracks in the wake of a major investor showing his hand. A big whale has moved roughly 180 billion coins in Shiba Inu from wallet 0xd6 to the Gemini and Crypto.com exchanges. Last time that same wallet made a similar move with a similar amount, SHIB price shed over 7%.
Shiba Inu price could drop more than previous time
Shiba Inu price is entering a rough patch as price action drops lower after its consolidation phase during the past four weeks. As both the weekly highs and weekly lows came in lower or higher, a breakout trade was bound to happen. That breakout is currently underway with a leg lower toward $0.00002000.
SHIB could be seen tanking even more as a big whale investor in SHIB has recently moved an amount of roughly 180 billion coins toward exchanges Gemini and Crypto.com. Speculators will try to devalue SHIB in order to squeeze out the whale and buy those coins at a desperately offered discount. With that selling pressure, $0.00002000 is set to crack and buyers could see $0.000010000 come in as new support.
SHIB/USD weekly chart
Meanwhile, several other exchanges are reporting similar moves in other altcoins. This might point to whales accumulating in the wake of a new top move that could see SHIB race back up toward $0.00001600. In percentages, that means a 30% price increase going into March if support holds. A bounce could also get triggered as the whale will not sell before the spike gets underway.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
