As a seasoned crypto investor with a knack for spotting trends and reading market signals, I must admit that Friday’s rebound of Shiba Inu (SHIB) was both surprising and encouraging. Having weathered numerous market fluctuations over the years, I’ve learned to keep an eye on key support levels like the $0.0000185 level that acted as a springboard for this latest rally.
On Friday, the cryptocurrency tied to dogs, Shiba Inu (SHIB), experienced a significant rebound after four consecutive days of decline. This rebound occurred when SHIB approached the $0.0000185 mark, which is close to its Daily 200-day Simple Moving Average (SMA). As traders seized the opportunity to buy at a lower price, they caused a surge in demand for Shiba Inu.
The bounce emphasizes the pivotal role of the $0.0000185 mark, serving as a launchpad for the current surge in SHIB’s price. This region has demonstrated its importance as a location where buyers intervened to support SHIB’s value.
During the weekend’s trading, SHIB’s price reached a peak of approximately 0.000024. However, it subsequently dipped slightly. As we speak, Shiba Inu is being traded at around 0.000022, marking an 11% increase over the previous 24 hours.
After a significant drop on Friday, the overall cryptocurrency market appears to be bouncing back, as evidenced by rising values for Bitcoin, Ethereum, and even Shiba Inu – which mirrors this positive trend.
Furthermore, it appears that large investors, often referred to as “whales,” have been purchasing Shiba Inu (SHIB) in increased amounts, possibly taking advantage of the price drop to stockpile the cryptocurrency.
As a crypto investor, I noticed an astonishing surge in Shiba Inu large holder inflows. Data from IntoTheBlock shows that funds flowing into whale wallets spiked an incredible 824% within just one day! On December 19th, these whales held approximately 1.9 trillion SHIB, but by the next day on December 20th, they were holding a staggering 7.72 trillion SHIB. This influx of funds suggests potential significant market movements in the near future.
What’s next for Shiba Inu price?
Keeping an eye on Shiba Inu’s progression, investors are focusing on significant support and resistance points. If it manages to surpass the daily Simple Moving Average (SMA) 50 at approximately $0.0000252, this could indicate a prolongation of the bullish movement, which might result in additional increases.
If SHIB manages to surge significantly above its current level, it might push towards reaching the peak of $0.000033. However, if it struggles to surpass the 50-day Simple Moving Average (SMA), there’s a possibility that SHIB could retreat and revisit the support zone around $0.0000185.
The overall mood among traders is tentative as they keep a close eye on Shiba Inu’s price fluctuations to determine its future direction after the significant drop in value. If there’s a breakout, it might indicate more bullish movement; however, if there’s a rejection, we could see either consolidation or another test of the support level.
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2024-12-21 19:10