Shiba Inu Surges 4.83% Amid 465% Whale Activity Spike
2min read Shiba Inu, a popular meme coin, has recently shown signs of a rebound after a period of steady decline. The cryptocurrency experienced a daily gain of 3%, indicating bullish momentum. This positive trend is further supported by a 465% surge in whale activity, with SHIB up 4.83% in the last 24 hours, trading at $0.0000127. The crypto market has been volatile, but Shiba Inu's recent performance suggests a potential bull run.
The 1-day price chart of Shiba Inu showed signs of accumulation. The bulls challenged the $0.0000152 resistance level on the 26th of March. Although they faced an 18% price drop in the following days, the clues showed the memecoin was beginning to turn bullish. The trend of Bitcoin has been bearish over the past week. In this period, BTC fell from $87.6k to $82.4k, a 5.8% drop. This incited panic across the market, leading to sell-offs across the altcoin market, including SHIB. However, the market structure of Shiba Inu was bullish on the daily chart. Its move beyond $0.0000138 shifted the structure. Meanwhile, the $0.0000115 level was the low that needed to be breached to flip the structure bearishly once again. This level was 9.6% below current market prices.
Alongside the price rally last week, the OBV has been trending higher for three weeks now. This signaled increased buying pressure. The RSI was also recovering and could climb beyond neutral 50 once again to reflect bullish momentum. The 4-hour chart highlighted the steep losses since last Wednesday. The price was unable to defend the two short-term support levels at $0.000013 and $0.0000125 on the way down. However, the 20% price bounce within the past 24 hours brought Shiba Inu back above $0.0000125. Therefore, the 4-hour chart showed a bearish Shiba Inu structure, while the 1-day chart showed a bullish structure. The higher timeframe is more important in general, which means that swing traders and investors have reason to look to open long positions.
The Shiba Inu community has been actively focusing on reducing the circulating supply of the token through burns, which involves sending a large number of tokens into dead wallets. This strategy is expected to boost the price of the meme coin by decreasing its overall supply. Additionally, the network has been working on building the asset’s utility, which could further aid in its price growth. Technical analysis indicates that Shiba Inu has failed to move below a certain price point four times since last year, suggesting a significant convergence. Breaking above the resistance at $0.00001560 could trigger a rally towards higher price levels. This technical pattern is generally seen as a bullish continuation signal, further supporting the potential for a price surge.
Ask Aime: Why is Shiba Inu rebounding after a steady decline?
The Shiba Inu price saw a quick surge last week, with many crypto enthusiasts speculating that the coin might be set for a rebound by the end of this month. The community is hopeful that the asset will continue its upward trend and record a new yearly peak. The month of April is expected to be bullish for the meme coin, with predictions suggesting a massive surge of 63% later this week. According to the analyst's forecast, SHIB will be priced at a high of $0.00002069 on April 4 and $0.00002045 on April 5. Despite facing selling pressure amid a market downturn, Shiba Inu hints at a possible rebound. The asset has numerous catalysts that may help boost its price over time, including the reduction of its circulating supply and the development of its utility. The community's focus on these strategies, along with the recent bullish momentum, suggests that Shiba Inu could be poised for a significant price surge in the coming days.
