Shiba Inu Price Eyeing $0.00002 as $48 Million Shifts from Robinhood

Shiba Inu price has seen a notable surge in value over the past 24 hours following a slight market rebound. The token is currently hovering above $0.00001782, indicating an ascending trend. 

As of the reporting time, SHIB price is trading at $0.00001782, with a surge of 5% during the European session. According to CoinMarketCap data, the current market capitalization is approximately $10 billion, ranking it 13th among all cryptocurrencies. The trading volume has dropped significantly, decreasing by 55% to around $474 million.

Shiba Inu Price Sees a Notable Increase Amid Market Rebound

The popular meme coin Shiba Inu has been trading in a range of $0.00001705 to $0.00001815 over the last 24 hours, showcasing a volatile but recovering market. This volatility comes amid broader movements in the cryptocurrency market. Over the past week, SHIB has seen a 5% increase in value, reflecting a growing interest.

After a noticeable dip on July 18, 2024, where the price briefly fell to its lowest point, the coin has since regained momentum, climbing back up in value. This recent fluctuation follows a broader trend of significant ups and downs throughout the month. 

Over the past month, Shiba Inu price has seen a dip of approximately 4%, reflecting a broader downturn in the crypto market. However, with the current market recovery, the token has shown resilience, eyeing more gains ahead.

Major Whale Transactions Signal a Bullish Sentiment for SHIB

According to Whale Alert, a significant transaction was recorded today. A staggering 2.7 trillion SHIB tokens, valued at approximately $48,343,500, were transferred from Robinhood to an unknown wallet. This major move in the cryptocurrency market is particularly noteworthy amidst the current bullish trend sweeping through the digital currency landscape. 

🚨 🚨 2,700,000,000,000 #SHIB (48,343,500 USD) transferred from #Robinhood to unknown wallethttps://t.co/6aMEc1Vr3E

— Whale Alert (@whale_alert) July 19, 2024

With the current market recovery, the SHIB price forecast is at a pivotal point, hovering around the $0.000018 resistance level. Surpassing this level could propel the coin’s value to $0.00002. If momentum continues, this surge extends to $0.00003.

Is a Climb to $0.00002 soon?

Conversely, if Shiba Inu price fails to break this barrier, the price might decline to the $0.000017 support level. A negative shift in market sentiment could push it down to $0.000018. The SHIB price could drop even further in more severe conditions to below $0.000017.

The technical indicators for Shiba Inu on the 24-hour chart suggest a volatile market. The Moving Average Convergence Divergence (MACD) shows a decrease in momentum. As the MACD line crosses below the signal line, suggesting a bearish movement. The bars switch from green to red and grow in magnitude below the baseline.

The Relative Strength Index (RSI) stands at 48, below the neutral 50 mark, implying that the market could be in a bearish phase.