Shiba Inu rebounds: Will SHIB escape August-September lows?

As a seasoned crypto investor with a knack for spotting trends, I find the recent Shiba Inu [SHIB] rally intriguing. The cup and handle pattern, if it continues to play out as expected, could signal a potential 48% gain in the coming months, pushing SHIB towards $0.000027. This is based on my analysis of Fibonacci levels and on-chain data, which suggests renewed demand and higher demand than sell pressure.

Over the weekend, Shiba Inu (SHIB) showed increased enthusiasm again following a significant drop in price at the beginning of October.

Might it be an indication that the well-known meme token is set to carry forward its upward trend, which appeared in September?

SHIB had recovered to a $0.000018 press time price courtesy of renewed demand during the weekend.

After testing the 0.5 and 0.618 Fibonacci levels, which were established from the September lows to the September highs, a reversal or rebound in price occurred.

The price appears to be fluctuating according to a “cup and handle” trend, a formation that started back in May. What’s significant about this?

It appears that August and September showed indications of a possible minimum point for this pattern. Consequently, Shiba Inu might theoretically continue its upward trend for over a month.

In September, its performance, along with indications of increased attention, suggests that the cup and handle pattern is ongoing. This could mean that Shiba Inu (SHIB) might further surpass the price range it established during August and September.

According to our analysis, it’s possible that the price of Shiba Inu could increase by approximately 48% more over the coming months, potentially reaching a value of around $0.000027 if market conditions align with our predictions.

Shiba Inu whales contribute to the bullish momentum

Over the past weekend, I noticed a surge in the bullish trend for Shiba Inu (SHIB), which seemed quite intense. This uptick was largely driven by whale activity, as evidenced by the substantial inflow of SHIB from large holders. On October 2nd alone, these whales transferred an impressive 3.12 trillion SHIB into their wallets, according to on-chain data.

On that particular day, massive withdrawals of SHIB reached an astounding 2.65 trillion, indicating a stronger interest in buying over selling.

Over the past 24 hours, large wallets held a total of approximately 172.72 billion Shiba Inu tokens (SHIB). Interestingly, an equivalent number of SHIB tokens, around 363.42 billion, were transferred out of these same large wallets during the same timeframe.

This was almost half of the inflows, meaning there was higher demand than sell pressure.

Looking ahead, the positive trajectory of Shiba Inu’s future seems to be holding strong, and here’s why: Currently, there are more than a million people, known as HODLers, who hold this cryptocurrency. This number has been increasing significantly over the past three years, showing a marked upward trend.

Read Shiba Inu’s [SHIB] Price Prediction 2024–2025

Over the past three months and also over the last three years, we’ve seen a significant decrease in the number of Cruisers (Cruisers being another name for swing traders). Similarly, there has been a shift in focus towards long-term investment in the memecoin. This trend suggests an increasing emphasis on long-term strategies in the memecoin market.

If this ongoing trend persists, it’s likely that Shiba Inu will maintain a robust rebound, not just in the immediate future but also in the long run as well.

2024-10-07 17:44

Shiba Inu whales contribute to the bullish momentum

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