Despite being a well-known meme cryptocurrency like Dogecoin and PEPE, Shiba Inu has faced challenges since reaching its all-time high in 2021.
Nevertheless, recent data reveals that large holders, “whales,” continue accumulating the token, demonstrating confidence in its potential for high returns on investment during price surges.
Over the past week, large holders of Shiba Inu have accumulated roughly $100m worth of $SHIB
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In addition, the Shiba Inu team’s diligent efforts on community projects have generated numerous speculations regarding Shiba Inu’s future price movements.
However, there was a slight decline in its value in the last 24 hours, but still, the SHIB community remains optimistic. Many in the community believe Shiba Inu’s robust nature positions it well to withstand market fluctuations and potentially lead to positive outcomes in the future.
SHIB Price Analysis – Is SHIB Poised for a Rebound?
As of 7:17 am EST on September 11, SHIB is trading at $0.0000071, recording a slight 4% decline in the past 24 hours. Holding a total market cap of over $4.19 Billion, it ranks 17th in the crypto market based on data from CoinGecko.
The SHIB token’s trading volume has increased by 60.60% in the past 24 hours, probably reflecting high sell pressure. In the last seven and 30-day trading periods, the asset has been under the influence of the bears, dropping by 8% and over 30%, respectively.
With the current performance of the token, it is obvious that the bears are in charge of the trend, and the price may fall further if nothing is done as soon as possible.
It is important to note that SHIB is over a million percent away from its all-time low at $0.000000000056366 recorded almost three years ago.
SHIB Technical Analysis as Price Touches $0.0000070
The coin is currently in a bearish trend, meaning its value has steadily decreased. It’s important to note that the coin attempted to go above the downward trendline before, but it wasn’t successful.
Presently, SHIB is moving towards a significant support level at $0.0000049. A price drop below this level could trigger a prolonged period of bearish sentiment in the market.
However, there’s also a possibility of a rebound. If the coin returns from this major support level, it might aim for the $0.0000118 mark. This would suggest a potential shift in the trend towards a more positive direction.
Nonetheless, the long-term outlook for the price of SHIB is bearish as the market is below the Simple Moving Average Indicator.
Shiba Inu Price Forecast from Indicators’ Point of View
According to the SMA analysis, the SHIB price is in a downturn, falling below the 50 and 200-day SMA, indicating a strong negative sentiment in the market. This observation suggests that the coin may continue to face downward pressure.
The Relative Strength Strength Index (RSI) is 29, indicating that SHIB might be oversold. This means it could be undervalued or experiencing too much selling pressure. Traders often see this as a signal to buy, expecting a price correction or reversal potentially.
However, caution is advised as the Moving Average Convergence/Divergence is below the signal line, and red histogram bars show a potential bearish trend. This means the current momentum might be favoring the sellers.
Considering the analysis above, SHIB’s price is relatively low and will be ready for a rebound if only the buyers can retake the market by increasing buying pressure.
Investors Are Accumulating Amid Bearish Market, What Could Be the Cause?
According to data from IntoTheBlock, investors have gathered nearly $100 million worth of SHIB in just one week.
This rapid accumulation suggests a surge in interest and confidence in the coin. Many investors see potential in SHIB, hoping its value will increase. This substantial increase in investment could lead to increased market activity and potentially impact SHIB’s price positively.
This accumulation may be attributed to the successful launch of the second Shibarium platform, which is making headlines. However, IntoTheBlock did not specify the owners and why such transactions are carried out.
Unfortunately, the price of SHIB has not been affected positively by the massive whale accumulation and the latest Shibarium 1 million milestone.
But in the long run, the success of Shibarium and the big purchases by major holders might push SHIB’s price. This could get the interest of regular people and big investors alike.
Shiba Inu Starts the Week with Renewed Optimism, » …
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