Price Analysis

Shiba Inu Price Analysis: Can Renewed Whale Interest Drive a Rally to $0.00003?

Shiba Inu Price Analysis: The SHIB price shows a potential bullish reversal with strong buying pressure at $0.0000242.

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Updated 24 Oct, 2024 | 11:07:41 AM UTC

Shiba Inu Price Analysis: Can Renewed Whale Interest Drive a Rally to $0.00003?

Highlights

The Shiba Inu price may extend its current recovery until the ascending trendline of the daily chart is intact.
The price sustainability above 100-and-200-day EMA assures the long-term trend is bullish.
The intraday trading volume in Shiba Inu is $837.5 Million, indicating a 25% gain.

Shiba Inu Price Analysis: The Bitcoin price decline over the past four days has triggered a new correction phase in the crypto market. Among the affected major altcoins, Shiba Inu (SHIB) experienced a significant drop, falling from a high of $0.0000268 to $0.000024, marking a 10% decrease. Despite this, market sentiment remains bullish as Ethereum holds steady above $3650, bolstered by developments in the Spot ETH ETF. Will this canine memecoin rebound from $0.000024 this weekend?

Also Read: Shiba Inu Magazine Unveils 25th Edition, SHIB & K9 To Seize Global Limelight

Shiba Inu Whales Spark Bullish Sentiment with Major Accumulation

Shiba Inu Price| Tradingview

The Shiba Inu price has been trading sideways for the past two months projecting no clear dominance from buyers or sellers. However, after the prior correction hit $0.000018, a renewed recovery sentiment spread on the SHIB price evidenced by the new higher low formation in the daily chart.

These upswings indicate that most participants’ sentiment is gradually shifting from selling on rallies to buying dips. The SHIB price currently trades at $0.0000242 hovering above the combined support of $0.0000237 and an ascending trendline.

The daily candles with long-wick rejection indicate the buying pressure at the aforementioned support is intact and buyers could use it to rebound higher.

According to recent data from the crypto analytics platform IntoTheBlock, Shiba Inu (SHIB) whales have been significantly active in May, leading to notable accumulation of the token. As highlighted by C_thumbs, a content partner for IntoTheBlock, large whale transactions have reached an impressive volume, with around 30 trillion SHIB being traded in May alone.

This surge in whale activity has positioned Shiba Inu as one of the most traded tokens by whales for the month and suggests a growing accumulation trend, which could indicate bullish sentiment towards Shiba Inu.

Thus, a potential reversal from the dynamic support could uplift the SHIB price to $0.000028, followed by $0.00003285 and $0.000038.

Technical Indicator:

Exponential Moving Average: The flattish trend in 20-and-50-day EMAs hints the near term is sideways.
Average Directional Index: The ADX slope wavering low at the 15% mark indicates the prior correction has assisted the asset in stabilizing its price action for further growth.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Updated 24 Oct, 2024 | 11:07:41 AM

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