Is it a good time to buy after the significant drop of Shiba Inu Coin?
Shiba Inu Coin ($SHIB) has recently dropped quite a bit, falling over 10% today and 22% in the past week. This is due to some early large holders, known as 'whales', selling off to make profits. CoinGape previously mentioned it might drop to $0.000024, and it indeed came true. However, despite such a drop, technically it seems that SHIB is unlikely to fall below $0.0000234 again; perhaps it could even rebound by Christmas.
Whales selling leads to price drops
On-chain data shows that whales have sold a significant amount of SHIB, causing the price to drop accordingly. One whale sold 250 billion SHIB, making a profit of $6.05 million. This whale only spent $3,800 to buy 152.8 trillion tokens back in August 2020 and is now making a huge profit. Furthermore, this whale also sold 150 billion SHIB on the Gemini platform, and another whale called '0xd6b' sold 100 billion SHIB at the beginning of November. However, this whale still holds 20 trillion SHIB, worth $48.38 million, with profits exceeding $100 million.
Technical analysis: Price expected to rebound
The price of SHIB fluctuates between $0.000023 and $0.000026, finally settling at $0.0000241, starting to rise from the 0.5 Fibonacci retracement level. More people are buying on platforms like Crypto.com and CoinEx, indicating interest in this price level.
Analysts say to keep an eye on the $0.0000234 level; if SHIB can hold this level, the next bull market could potentially push it up to $0.0000998. Of course, $0.000037 is also a tough barrier that needs to be broken.
What’s the future of Shiba Inu Coin?
On-chain data and technical indicators are improving, and it seems that the price of Shiba Inu Coin is about to experience a significant rise. Analysts say investors should prepare for possible movements in mid-January, as there are significant events like Donald Trump's inauguration at that time.
Although there are risks in the short term, the current price of SHIB might actually be a good buying opportunity for long-term investors looking forward to the bull market in 2024.
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