Tag: SHIB
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Is Shiba Inu (SHIB) now bullish after an 8% surge?
Shiba Inu (SHIB/USD) made an intraday 8% gain on Wednesday to trade at $0.000009. The rise reflected a slightly improved crypto sentiment. Most cryptocurrencies were trading in the green territory, with Bitcoin and Ethereum up 5% and 7%, respectively. However, there are some notable developments for the Shiba Inu network.
On November 22, Shiba Inu lead developer Shytoshi Kusama reported positive cryptocurrency news. In a Twitter post, Kusama said that Shiba Inu had been invited to work with the World Economic Forum on global policy. That potentially means a metaverse-related one, with Shiba Inu already entering the space. The post solicited views from the Shiba community on whether cryptocurrency should work with the global body. An overwhelming 65% of respondents supported the idea.
Onboarding the WEF is positive for Shiba Inu as it works to build a real utility for its meme-labelled cryptocurrency. The development is, of course, long-term, and it needs waiting to see how it unfolds. Meanwhile, the amount of SHIB held by Ethereum’s largest whales has fallen below $70 million. However, the number of SHIB token holders recently increased by 6,000. But how bullish is the meme token?
SHIB is recovering from near-oversold levels
The general trend for SHIB is bearish on the daily chart. The MACD indicator shows bear momentum, although the weakness has slightly cooled off.
SHIB is also recovering from a near-oversold RSI reading of 35. Each time SHIB has approached this level, the token has recovered or consolidated since June. Still, the current RSI reading of 41 is below the midpoint, signalling that sellers are still many.
How sustainable is SHIB recovery?
A recovery near the oversold region is positive for SHIB price. However, the trend is still bearish, and SHIB is vulnerable. For sustainable gains, SHIB must overcome a minor resistance at the $0.000009 trading level. A recovery above this level will keep $0.00001 and $0.000012 levels in sight.
If SHIB fails the potential recovery, the level around $0.000007 will be the likely support to the downside.
Where to buy SHIB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Mysterious Whales Move Trillions of SHIB as Transactions Jump 154%
According to IntoTheBlock data, Shiba Inu whales, or large holders, got into the action as large transactions rose 154% in the last 24 hours. Large transaction surges are typically linked to increased activity from whales, who are either buying or selling and are often more than $100,000. Most Shiba Inu price moves have often coincided with a spike in large transactions.According to crypto data tracker WhaleAlert in two lumps, 3,377,867,790,724 SHIB worth $37,375,684 and another 3,914,263,607,418 SHIB worth $42,932,556 were moved in between wallets. Shiba Inu saw a massive spike on Oct. 27 to reach highs of $0.0000118 but has since returned to trade near $0.0000106.
WhaleStats’ analysis of the top 100 Shiba Inu holders also reflected a 50% spike in active addresses as crypto whales interacted with billions of Shiba Inu, leading to an increase in the number of large transactions. The average SHIB balance in this category of whales rose slightly (2.45%) in the last 24 hours.
JUST IN: $SHIB @Shibtoken now on top 10 by trading volume among 2000 biggest #ETH whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/R19lKnPlsK
(and hodl $BBW to see data for the top 2000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/6IvFLswu4N
— WhaleStats (tracking crypto whales) (@WhaleStats) October 27, 2022Shiba Inu also ranked among the top 10 assets in terms of trading volume among the 2,000 biggest ETH whales.
AdsCurrently, the top 500 ETH whales are hodling $133,187,605 worth of SHIB. According to CoinMarketCap, Shiba Inu was trading at $0.0000106 at the time of publication, up 1.75% in the last hour and down 3.99% overall in the last 24 hours.
Shiba Inu gains “hodlers”
According to IntoTheBlock’s data on holder composition by time held, 40% of SHIB holders have “hodled” their tokens for more than a year, 57% have held within a year and 3% have held onto their tokens for less than a month.
As reported previously, the percentage of long-term holders, or “hodlers,” was given at 38% on Oct. 26. The current 40% implies an increase.
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SHIB could rally another 20% based on these factors
Shiba Inu price took the market by surprise as a 20% rally unfolded early in the week. Key levels have been identified to gauge a potential entry before the uptrend continues.
Shiba Inu price could rally higher
Shiba Inu price rallied in applaudable fashion as the notorious meme coin pulled off a stunning 20% rally. At the current time, the bears have entered the market, forging an 8% decline. Still, there are reasons to believe the uptrend move is still ongoing.
Shiiba Inu price currently auctions at $0.00001089. During the recent upswing, the bulls have breached both the 8-day exponential and 21-day simple moving averages. Now, the two trend indicators converge under the SHIB price, which signals bullish strength.
SHIB/USDT 12-Hour Chart
A Fibonacci retracement tool surrounding the strongest part of the recent rally suggests the current profit-taking consolidation is just a 50% retracement. If market conditions persist, a bullish cross of the indicators could prompt an additional 20% rally. Key bullish targets would be $0.00001250 and potentially $0.00001300.
Invalidation of the bullish thesis could occur if the bears manage to tag the $0.00001040 liquidity zone. A sweep of the low could trigger a mudslide rally toward $0.00000970. The price of Shiba Inu would decline by 11% if the invalidation scenario occurred.
In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team
