David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, thinks Shiba Inu might still have room on the upside, as he tweeted, "Anyone watching SHIB right now. It looks like it’s fueling up for another leg."
Anyone watching $SHIB right now. It looks like it’s fueling up for another leg.— David Gokhshtein (@davidgokhshtein) August 14, 2022
In the past week, Gokhshtein predicted Shiba Inu's recent move, saying, "Shib also looks like it wants to rip" while posting a "watch out" emoji in a tweet.
Shiba Inu was a top gainer in the market on Aug. 14, rallying a whopping 35% from lows of $0.0000126. Shib demonstrated a breakout above the July 20 high of $0.0000131 to reach highs of $0.0000179 on Aug. 15 before a slight retreat.
Analysts believe Shiba Inu may continue to outperform if the breakout indicated by a bullish inverted head and shoulders (H&S) pattern on its daily chart is confirmed. An inverse or reverse head and shoulders pattern often indicates that a downward trend is about to reverse into an upward one. Based on macroeconomic uncertainties on the cryptocurrency market, this remains speculative.
The daily RSI has dropped from the overbought 80 mark to levels well over 60, indicating that the bulls still have a tiny lead even though the rise may consolidate before moving forward. A further decline from current levels could cause SHIB to return to its prior range, which had support close to $0.0000102.
At the time of publication, Shiba Inu was trading slightly down at $0.0000155, as investors pulled gains.
SHIB transactions up a whopping 1,554%
Data from IntoTheBlock shows that over the last day, there have been 463 large transactions, a rise of a startling 1,554%. A large transaction is frequently over $100,000, and surges related to these transactions are sometimes linked to increased activity from whales who are either buying or selling.
🐱📈 #ShibaInu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months. https://t.co/Nq78D7h88k pic.twitter.com/9JTtGMMQcj— Santiment (@santimentfeed) August 15, 2022
On-chain analytics firm Santiment similarly noted: "Shiba Inu has been on the move this weekend, and is up +34% in the past 24 hours while #crypto has been fairly flat. Not so coincidentally, whales have been very active on $SHIB. There have been 433 transactions valued at $100k+, the most in 4 months."
On the other hand, according to the Shibburn website, the burn rate of Shiba Inu is down 51% in the last 24 hours as just 141 million SHIB were burned within the last 24 hours.