Shiba Inu Surges Despite Market Decline
- Carleton Nitzsche
- August 1, 2023
- News, Altcoin, Cryptonews
- Crypto, Market, Shiba Inu, Whale
- 0 Comments
Shiba Inu (SHIB) stands out with a bullish trend, defying the broader crypto market, fueled by whale buying and technical analysis.
- Shiba Inu (SHIB) bucks the trend in the crypto market, showing a bullish trend with a 2.5% increase, as it gains attention for recent price surge.
- Whale buying drives SHIB’s positive price action, with wallets holding 10 million to 100 billion tokens accumulating $8 million worth in the last eight weeks.
- Technical analysis supports SHIB’s bullish case, with potential for a rally to late-May highs and 200-Day Moving Average, offering gains of around 18% in the near term.
- Amidst the crypto industry’s evolution, investors should exercise caution and research before making investment decisions.
Despite a lackluster performance in the broader crypto market, Shiba Inu (SHIB), a leading meme coin, stands out with its bullish trend. With an influx of over $150 million in trading volumes over the past 24 hours, SHIB proves itself as the only crypto in the top 20 that is in the green. As investors eagerly await key US jobs and PMI survey data, SHIB continues to garner attention for its recent price surge.
😺 #ShibaInu has been a surprise winner during the final hours of a particularly dull trading week. Shark & dolphin wallets holding 10M-100B $SHIB tokens have accumulated ~$9M in just under 8 weeks, a significant amount for the 14th ranked #crypto asset. https://t.co/WwZrvcUN0D pic.twitter.com/98A1darF5A
— Santiment (@santimentfeed) July 28, 2023
Shiba Inu (SHIB) Maintains Bullish Trend
SHIB currently trades around the $0.00000850 area, representing a 2.5% increase over the day. What is particularly noteworthy is SHIB’s ability to break above the key support-turned-resistance area in the low $0.000008s, as well as surpass its 100-Day Moving Average. This surge in price confirms the meme coin’s near-term bullish trend, which was further strengthened by the formation of an ascending triangle. As a result, price predictions for SHIB remain bullish.
The positive price action of SHIB can be attributed to buying from whales. According to on-chain analytics firm Santiment, wallets holding between 10 million and 100 billion SHIB tokens have accumulated $8 million worth of the coin in the last eight weeks. This significant accumulation by whales, especially during last month’s dip to multi-year lows around $0.000006, indicates a potential for further price appreciation.
Price Prediction – Where Next for Shiba Inu (SHIB)?
With whale buying and a rally in similar meme coins like Dogecoin, the near-term outlook for SHIB appears favorable. Technical analysis further strengthens the bullish case for SHIB, especially if it can convincingly surpass its former resistance levels in the low $0.000008s. This opens the door for a swift rally towards the late-May highs at $0.0000092 and potentially even the March/April lows and 200-Day Moving Average at the psychologically important level of $0.000010. If this scenario unfolds, SHIB could experience gains of approximately 18% in the near term.
While the broader crypto market remains relatively dull, Shiba Inu (SHIB) stands out as the only top 20 crypto in the green. Its bullish trend, fueled by whale buying and technical analysis, presents the potential for further price appreciation. Additionally, the emergence of yPredict as an AI-powered platform for crypto trading and market intelligence offers investors a new opportunity to explore. As the crypto industry continues to evolve, investors are advised to exercise caution and conduct thorough research before making any investment decisions.