Significant 60% Decrease in Shiba Inu (SHIB) Prices Considered Bullish, Insights Explained
Loosened Leash on Shiba Inu
Listen up, folks! Shiba Inu, the beloved meme coin that's had a rough ride despite tumbling 60% from its highs, is showing signs of resilience that'll have crypto enthusiasts wagging their tails.
Large holders, the kind that can move markets with a single bark, ain't jumping ship just yet. The latest price charts and data help paint a complex but optimistic picture. At the moment, SHIB is trading just above $0.0000134, with its 200-day moving average still higher. Resistance lies at the 100-day moving average.
Shiba Inu has managed to bounce back from its April lows and is now testing critical technical zones. Even though the price has been moving downward in general, the RSI (Relative Strength Index) stands at 56, hinting that the market isn't overbought or oversold - it's essentially just consolidating and building momentum.
Now, you might think this drop means whales are skedaddling, but Think again! Inflows from big wallets have increased by 24.14% over the past three months, with a remarkable 8.78% spike just in the past week alone. This points to accumulation, not a mass exodus. Conversely, outflows have declined by 62.6% in the past month and dropped by nearly 48% in the last week, suggesting that whales are sticking around and may even be shifting positions rather than selling.
Data on address distribution supports this perspective. The number of wallets holding between $100,000 and $10 million has increased by 16.2% and 6.45%, respectively. These types of holders usually accumulate in anticipation of long-term gains; they're not just casual day traders.
So, the price drop of SHIB isn't the whole story. Whales seem to be strategically positioning themselves, not fleeing the scene. Provided SHIB breaks above $0.0000146 and maintains support near $0.0000128, a medium-term reversal becomes increasingly likely. But, before we witness lift-off, let's wait for volume confirmation – the whale data suggests that this meme coin still has bark left in it.
- ~~Whale activity indicates accumulation, not abandonment.~~
- ~~Inflows from large holders have increased, with a recent spike in the last week.~~
- ~~Outflows have declined significantly in the last month and week, suggesting whales are staying put.~~
- ~~Address distribution suggests that holders anticipating long-term gains are accumulating.~~
- ~~Medium-term reversal becomes more likely when SHIB breaks above $0.0000146 and holds support close to $0.0000128.~~
- ~~No need to rush into investing – let's wait for volume confirmation to be certain.~~
Source 1: Changelly Forecast - Predicts SHIB could reach $0.000158 by 2030 (~1,085% gain from current ~$0.0000133) Source 2: IntoTheBlock Data - Inflows from large holders have increased 24.14% over the past 90 days, with a recent 8.78% spike in the last week alone Source 3: Telegaon Outlook - Bullish $0.000712 target by 2030 (~5,241% surge) Source 4: A group of 26 analysts projects a $0.0001971 price by 2030 (~1,378% increase)_
- Whale activity suggests accumulation rather than abandonment of Shiba Inu in the crypto market.
- Inflows from large wallets have risen by 24.14% over the past three months, with a substantial 8.78% increase in the last week alone.
- Outflows from large whales have decreased by 62.6% in the past month and dropped by nearly 48% in the last week, implying that they are staying put.
- The increase in the number of wallets holding between $100,000 and $10 million suggests that these holders, who typically accumulate for long-term gains, are anticipating positive movement in Shiba Inu.
- Should Shiba Inu break above $0.0000146 and maintain support near $0.0000128, a medium-term bullish reversal could become increasingly likely.
- It's advisable to wait for volume confirmation before making investment decisions to ensure market confidence.
- Various cryptocurrency forecasts predict substantial gains for Shiba Inu, with Changelly Forecast estimating a potential increase to $0.000158 (~1,085%) by 2030.
- The bullish outlook for Shiba Inu is further supported by data from IntoTheBlock, which indicates a strong increase in inflows from large holders, and forecasts from a group of 26 analysts, who project a price of $0.0001971 (~1,378%) by 2030.
