Shiba Inu Price Prediction As Whales Buy The Dip- Is the Bottom In?

Shiba Inu price continues to drop today, July 24, as sentiment in the crypto market worsens. It dropped by 2%, reaching a low of $0.000013, with its 24-hour volume falling to $550 million. Despite this, SHIB price is attracting attention after bottoming at the 100-day moving average, and as on-chain metrics point to whales buying the dip.

Shiba Inu Price Technical Analysis as it Bottoms at the 200 EMA

Shiba Inu price has moved into a correction after falling by over 15% from its highest point this month. This crash has coincided with the ongoing pullback among altcoins, including large-cap names like Ethereum, Bitcoin, and Solana. 

The decline is likely because of the ongoing profit-taking as SHIB price was up by 60% from its lowest point on June 22 and the highest swing on July 21.

On the positive side, Shiba Inu coin price has bottomed at the 100-day Exponential Moving Average (EMA), which has provided it with substantial support over time.

The other bullish catalyst is that it has formed a cup-and-handle pattern a common bullish continuation pattern. Its upper side is at $0.000016, while the lower side is at last month’s low of $0.000010, giving it a depth of about 36%. The ongoing decline is part of the formation of the handle section.

Measuring a 365 surge from the neckline gives the most likely target at $0.00002185, which is 60% above the current level.

At the same time, Shiba Inu coin also formed a double-bottom pattern at $0.00001016 and a neckline at $0.00001765. This double-bottom pattern points to an eventual surge to the psychological point at $0.000025, which coincides with the highest swing in January this year. 

The bullish SHIB price forecast for 2025 will be cancelled if it moves below the important support at $0.000012. 

Whales are Buying the SHIB Price Dip

The bullish catalyst for the Shiba Inu price is that whales are buying the coin, a sign that they expect it to continue rising. Nansen data shows that whales hold 108.19 billion SHIB coins, up by almost 2% in the last seven days. Their holdings have jumped from over 107 billion on July 17. 

Increased whale holdings is usually a sign that these investors anticipate the price to keep rising over time. The same is true with smart money investors, who have increased their holdings to over 6.17 billion coins in the past few days. At the same time, the supply of SHIB coins on exchanges has been on a downtrend, falling to 277 trillion. 

Meanwhile, Shiba Inu price will likely benefit from the ongoing burn activity. The burn rate jumped by almost 50% in the last 24 hours to 5.57 million. 

The bottom line

Shiba Inu token has plunged in the past few days, mirroring the performance of Ethereum and other tokens. However, its strong technicals, including the cup-and-handle pattern and a double bottom, and the ongoing whale accumulation, point to more gains in the long-term.