- SHIB saw a 10% recovery but was still stuck in a tight price range.
Whales were highly responsible for the recent recovery.
As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself intrigued by the recent performance of Shiba Inu [SHIB]. The 10% recovery, while promising, seems to have hit a brick wall at the 61.8% Fibonacci retracement level. This is reminiscent of a game of whack-a-mole, where just as we think we’ve found a solution, another challenge pops up!
During the ongoing recovery rally this past week, there’s been significant attention from large investors (whales) toward Shiba Inu [SHIB]. This rally took off on August 19th and by the early trading hours in New York on August 22nd, it had already achieved a 10% increase.
The recovery also coincided with a recent Shiba Eternity game launched on its Shibarium network. However, the recovery hit a short-term supply at the 61.8% Fibonacci retracement level.
Can SHIB bulls extend the recovery?
Following an enormous price surge on August 5th, Shiba Inu (SHIB) has been moving within a range between the 61.8% Fibonacci level ($0.000014) and the 78.6% Fibonacci level ($0.000012). This means its price has stayed relatively stable, not experiencing significant up or down trends.
As a researcher, I’ve noticed that we’ve recently surpassed the short-term high price point of $0.000014. Historically, such peaks have been followed by a sell-off, so it’s important to keep an eye on this trend.
Concurrently, the demand and purchasing intensity increased, a sign suggested by the upward trend of Relative Strength Index (RSI) and Chaikin Money Flow (CMF).
However, demand interest in the dog-themed memecoin was not above the average levels at the time of writing, which could make it challenging to cross the resistance at $0.000014.
If the value of Bitcoin (BTC) remains consolidated under $61K for an extended period, Shiba Inu (SHIB) may also follow this trend. Consequently, the significant highs and lows within this short-term range could serve as important levels to monitor closely in the near future for SHIB.
SHIB’s exchange balance declines
As a Shiba Inu coin investor, I noticed an intriguing trend in early August. Instead of the usual selling pressure, there was a significant increase in the supply leaving exchanges (represented by the uptick in blue). This suggests a strong accumulation phase, possibly indicating that savvy investors were stockpiling SHIB.
Simultaneously, the amount of Shiba Inu coins held on exchanges (represented by orange) reached all-time lows, which theoretically suggests a bullish trend.
Currently, the sentiment towards Shiba Inu (SHIB) appears to be more negative, indicating that some investors believe there will be little or no price increase in the near future for this meme cryptocurrency.
If so, the current sideways structure could extend.
Read Shiba Inu’s [SHIB] Price Prediction 2024 – 2025
Monitoring whale activities might provide valuable clues regarding the potential direction of SHIB‘s price movement next. As per IntoTheBlock data, a significant part of the recent weekly recovery can be attributed to large transactions.
Whales, on average, carried out approximately fifty substantial transactions each day that exceeded $20 million. To put it simply, it’s reasonable to assume that the recovery was significantly influenced by these ‘whale’ activities.
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2024-08-23 10:15