Shiba Inu Price Rally Not Over? Whale Buys Signal Further Growth Potential

The cryptocurrency market resumes a bullish trajectory following the Bitcoin price, which is 5% up today. The aggressive volume in spot ETFs continues to fuel the underlying asset which is barely 4% below the All time high of $68,789. Amid this uptick, the Shiba Inu price jumped 47% to breach another key resistance of $0.00003 .

Also Read: Shiba Inu Price Hits 22-Month High Amid Key Onchain Activity, Will Rally Continue?

Shiba Inu Eyes Growth as Whales Increase Holdings

SHIB, the second largest memecoin has shown consistent growth for the past eight days, where price surged $0.00000946 to $0.0000377, registering over 250% growth. This recovery backed by increasing volume and remarkable growth in Future Open Interest reflects a sustainable growth and market interest for this asset.

Moreover, Rune Christensen, the founder of MakerDAO, has made significant purchases of the meme cryptocurrency SHIB, as spotted by the on-chain data tracker Spotonchain. On March 1st, Christensen invested 100K USDC to acquire 7.41 billion SHIB, just before the price of the token surged by approximately 60%. 

A subsequent purchase of 17.629 billion SHIB with 400K USDC was made 12 hours ago, preceding a price increase of around 20%. These strategic investments by a prominent figure in the DeFi space have coincided with notable price movements in SHIB giving additional confirmation of prolonged recovery ahead.

#MakerDAO founder, Rune Christensen (@RuneKek), bought $SHIB before the price surged sharply again!

• He bought 7.41B $SHIB with 100K $USDC for the first time on Mar 1. The price then soared by ~60%.
• He bought 17.629B $SHIB with 400K $USDC again 12 hours ago. The price then… https://t.co/uwGkKzjKYx pic.twitter.com/selfIrtZKM

— Spot On Chain (@spotonchain) March 4, 2024

Also Read: Shiba Inu Burn Rate Soars 30000%, Will SHIB Maintain Rally?

Will Shiba Inu Recovery Continue?

An analysis of the chart shows the Shiba Inu price is developing a bullish reversal pattern called rounding bottom. This U-shaped recovery hints the coin price is emerging from a long accumulation to enter a new recovery trend.                                        

Currently trading at $0.00003, the SHIB price has recently remained at the $0.00003 psychological level. If the coin price manages to sustain above this flipped support, the buyers may drive a rally to $0.00004, followed by $0.000045.

Technical Indicator:

• Exponential Moving Averages: A sharp uptick in the daily EMAs(20, 50, 100, and 200) reflects the broader trend remains aggressively bullish.
• Relative Indicator: The daily RSI at 95% of the asset has entered an overbought territory indicating the coin holder may soon witness a notable correction. 

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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

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