Shiba Inu: Whale Takes Advantage of Dip, Buys 583 Billion SHIB in Anticipation of 100% Surge
In recent days, the cryptocurrency market has faced a significant sell-off, affecting various coins, including Shiba Inu (SHIB). In the last 24 hours, the price of SHIB has dropped 8%, reaching $0.00001528.
This decline is part of a downward trend that has extended for weeks, with SHIB losing 10% in a week and 36% over the last 30 days. However, despite these losses, the token still maintains a gain of nearly 100% over the year.
Whale Seizes Opportunity with Shiba Inu
Analyzing Shiba Inu's price chart, analyst Simon Chandler points out that the memecoin has reached an oversold level. According to him, the relative strength index (RSI) has dropped to 25, indicating a potential recovery soon.
"Moreover, SHIB's 30-day moving average is at its lowest compared to the 200-day average, another indicator that a rally might be on the way. Although there is a chance that SHIB's price could drop a bit more before stabilizing, the current level may be attractive for those looking to buy low," he highlights.
External Factors Influencing Crypto Market
In addition to SHIB's internal dynamics, Chandler notes that external factors are also influencing the crypto market. The German government moved up to $175 million in BTC, and Mt. Gox wallets were recently activated, suggesting a possible large-scale BTC liquidation. These movements have generated uncertainty in the market, contributing to the overall price decline.
"Despite the uncertainty, some traders are optimistic about SHIB's future. Recently, a wallet withdrew over $120 million in assets from Binance, including a large amount of SHIB. Such movements typically indicate an expectation of recovery and price increase," he says.
According to Chandler, based on technical analyses and whale behavior, projections indicate that the token might reach $0.000020 next month and potentially rise to $0.000040 in the fourth quarter of 2024.
