Shiba Inu (SHIB) Gains Immense Attention from Whales and Long-Term Holders Amidst the Ongoing Bearish Market Sentiment

Data from the on-chain analytics firm IntoTheBlock revealed that SHIB has witnessed a significant 2,025% surge in large holder inflows.

Amid the ongoing bearish market sentiment, Shiba Inu (SHIB), the popular and world’s second-largest meme coin, is gaining immense attention from whales and long-term holders.

Whale Eyes on SHIB

Data from the on-chain analytics firm IntoTheBlock revealed that SHIB has seen a massive 2,025% surge in large holder inflows.

This signals a potential bottom for SHIB as whales known to buy in bulk during significant market trends.

This huge increase in large holder inflows also suggests potential buying opportunities as exchanges have seen significant SHIB outflows.

Current Price Momentum

With this massive participation and bullish activity, SHIB is up by 2.50% in the past 24 hours and is currently trading at $0.00001288. However, during the same period, its trading volume dropped by 22%.

This decrease in trading volume may be due to high volatility, which can cause confusion among traders and investors.

Shiba Inu (SHIB) Technical Analysis and Upcoming Levels

According to expert technical analysis, SHIB’s recent price surge suggests a breakout from a descending trendline.

It is also currently trading close to a crucial support level of $0.000012. With this breakout, the overall sentiment for SHIB appears to be shifting from broader bearishness to bullishness.

Based on recent price action and historical momentum, if SHIB surges and closes a daily or four-hour candle above the $0.0000132 level, there is a possibility it could rise by 50% to reach $0.0000203 in the coming days.

As of now, the meme coin is trading below the 200 Exponential Moving Average (EMA) on both the daily and four-hour time frames, indicating that SHIB is in a downtrend on both longer and shorter time frames.

The above is the detailed content of Shiba Inu (SHIB) Gains Immense Attention from Whales and Long-Term Holders Amidst the Ongoing Bearish Market Sentiment. For more information, please follow other related articles on the PHP Chinese website!