Shiba Inu Price Rally Not Over? Whale Buys Signal Further Growth Potential
Highlights
- A recent from the $0.00003 set the SHIB price to prolong its recovery trend.
- The rising price may face overhead support of $0.00004, followed by $0.00004.
- The 24-hour trading volume on the Shiba Inu is at $8.1 Billion with a 35% gain.
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.
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.
Related Articles
Recent Posts
- Price Analysis
Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
Ethereum Price remains steady at $3,000 as the cryptocurrency market experiences a minor cooldown over…
- Price Analysis
Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
Solana price is showing a positive recovery, maintaining levels above $130, driven by growing momentum.…
- Price Analysis
Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
Dogecoin price has recently faced some challenges, dropping by 7% over the past week. Currently,…
- Price Analysis
Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
The Bitcoin price continues to face uncertainty after a recent recovery attempt failed to reclaim…
- Price Analysis
XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
XRP price dropped 5% in the last 24 hours, stabilizing around $2.00 as the market…
- Price Analysis
Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Solana price hovered near $135 on Friday, following another unsuccessful attempt to push above $140.…