SHIBA INU ($SHIB) Surges 15% in 10 Hours, Here’s the Bullish Indicator You Must Keep an Eye On

By Prashant Jha
Published October 18, 2021 Updated October 18, 2021
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SHIBA INU
Source: Pixabay

SHIBA INU ($SHIB) Surges 15% in 10 Hours, Here’s the Bullish Indicator You Must Keep an Eye On

By Prashant Jha
Published October 18, 2021 Updated October 18, 2021

Shiba Inu ($SHIB), the meme coin that has overshadowed Dogecoin ($DOGE) in the past month with its mammoth rally and might break past all-time-highs (ATH) during the ongoing bull run. The altcoin recovered from the weekend price correction and surged 15% within 10-hours to regain key support of $0.000028. The altcoin is currently trading at $0.00002769 with eyes set on key resistance of $0.000030.

SHIBA INU
Source: TradingView

$SHIB rose from a daily low of $0.00002388 to a daily high of $0.00002887. The altcoin has managed to keep the bullish momentum alive over the past couple of weeks. The altcoin first faced a major rejection at $0.000035 bringing a halt to its 330% surge. The rejection then triggered a major whale dump of nearly 31.07 billion SHIBA INU leading to a price decline into the sub $0.000021 levels.

While whales triggered the massive sell-off last week, the same whales could bring back the bulls again for the major altcoin. Data from Etherscan show that nearly 260 billion SHIBA INU tokens were moved by whales.

SHIBA INU
Source: Etherscan

SHIBA INU Whale Movement Could be Decisive

According to crypto analytic firm Santiment’s data, whenever SHIBA INU whales holding $100K or above worth of meme token starts accumulating, the price has seen a bullish surge. A similar whale accumulation is currently forming and that is one of the key reasons behind the current price surge.

SHIBAI NU
Source: Santiment

One must keep an eye on the whale charts for SHIBA INU to keep track of the market sentiments and possible run to ATH. $SHIB is currently 28% below its ATH of $0.000038 but that gap could be covered within a day and even a few hours if we look at the historical price momentum of the meme coins.

SHIBA INU was on the verge of breaking into the top-10 last week, and it might do that during the ongoing bull run even when $DOGE, the OG meme coin seems to have gone into a price slumber.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1186 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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