As an experienced analyst, I believe that the recent downtrend in Shiba Inu (SHIB) price, following the correction in Bitcoin, presents a potential buying opportunity. The meme cryptocurrency has hit a pivot level near $0.0000237, which served as support during previous corrections. This level indicates an opportunity for buyers to counterattack and push the price higher.
The price of Shiba Inu (SHIB), the second-largest meme cryptocurrency, has experienced a three-day slide, mirroring Bitcoin‘s recent reversal to $67,000. This downturn has caused SHIB to plummet from its high of $0.0000268 to $0.000024, representing a nearly 10% decrease. However, the Canine Memecoin touched a crucial level as its price approached monthly support at $0.0000237, potentially providing an opening for buyers to stage a comeback.
Shiba Inu Whales Spark Bullish Sentiment with Major Accumulation
The price of Shiba Inu has been fluctuating between buyers and sellers for the last two months, showing no definitive trend. Following a correction that reached $0.000018, however, there’s been a resurgence of optimism among investors, signified by the formation of new higher lows in the daily chart.
The rising trends suggest that the majority of participants are moving from selling during rallies to buying during dips when it comes to SHIB sentiment. At present, the SHIB price stands at $0.0000242, slightly above the conjoined support of $0.0000237 and an ascending trendline.
Long wick daily candles suggest that buying pressure at the mentioned support level remains strong, potentially allowing for a bounce back upwards by buyers.
As a researcher studying cryptocurrency trends, I’ve come across some intriguing data from the crypto analytics platform IntoTheBlock. According to their latest findings, Shiba Inu (SHIB) whales have been particularly active this May, resulting in substantial accumulation of the token. To put it into perspective, C_thumbs, a content collaborator at IntoTheBlock, has pointed out that large whale transactions involving SHIB reached an impressive volume, with approximately 30 trillion tokens being traded during the month alone.
Whale trading activity has significantly increased Shiba Inu token transactions, making it a top choice among whales in the past month. This trend implies that whales are hoarding Shiba Inu tokens, potentially signaling a bullish outlook on this cryptocurrency.
As a researcher studying the Shiba Inu (SHIB) cryptocurrency market, I’ve identified a possible scenario where a shift in market dynamics could lead to price increases. If this reversal occurs, the SHIB price may rise to $0.000028 first, followed by jumps to $0.00003285 and eventually reaching $0.000038.
Technical Indicator:
- Exponential Moving Average: The flattish trend in 20-and-50-day EMAs hints the near term is sideways.
- Average Directional Index: The ADX slope wavering low at the 15% mark indicates the prior correction has assisted the asset in stabilizing its price action for further growth.
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2024-05-24 16:55