SHIB has dropped by 5% in the past 24 hours, with the Shiba Inu price slipping to $0.00001769 as the wider crypto market takes a 3.5% hit today.
The meme token is now also down by 18.5% in the past week and by 32% in the last 30 days, although it holds onto a 140% increase in the past year.
Given that SHIB hasn’t taken a lot of punishment in recent weeks, it’s now in a good position to rebound in the near future.
Indeed, transfer data suggests that whales have begun accumulating the coin again, taking advantage of its discounted price.
Shiba Inu Price Falls 4.6% Overnight – Time to Buy the Dip?
SHIB looks pretty weak right now, but the implication of this is that it can take only so many losses before its reduced price begins to entice buyers all over again.
Its indicators would also suggest that it’s due a rebound very soon, with its relative strength index (purple) bouncing from a low of 30 earlier this morning,.
Source: TradingView
Likewise, SHIB’s 30-day moving average (orange) continues to fall below the 200-day average (blue), nearing a point when it has to bottom out and bring the coin back up.
One negative feature of Shiba Inu’s chart is that its resistance (red) and support (green) levels continue to decline in parallel, indicating an ongoing downtrend.
As noted above, there’s some indication that large traders are already beginning to come to SHIB’s aid.
This signals a growing belief that the Shiba Inu price is getting closer to a rebound, with market factors and fundamentals pointing to such a scenario.
On the market side, pretty much all major coins have taken enough pain in the past few weeks, with the incoming launch of Ethereum ETFs likely to boost demand across the board.
Inflation has also been falling in numerous major economies, raising the likelihood of rate cuts in the next couple of months.
In turn, this will drive money into markets, including the crypto market.
As for SHIB itself, it still boasts some of the strongest fundamentals of any meme token.
It has a number of updates and launches planned for the next 12 months, including the launch of its own layer-three network.
Taken together, such developments should boost the usage of SHIB, which in turn will push the Shiba Inu price higher.
It could reach $0.000025 in the next few weeks and $0.000050 by Q4.
