Shiba Inu (SHIB) Price Rebounds 29% from $0.000012 Low, Eyes Three Bullish Targets
After being stuck in a bear market for the past two years, the price of Shiba Inu (SHIB) has been rising since October last year. The Ethereum-based project has recently decoupled slightly from other altcoins amid the mainstream adoption of the meme coin.
As mid-cap altcoins continue to consolidate in a triangle pattern on the daily timeframe, on-chain data shows that non-exchange big holders have been accumulating recently.
Against the backdrop of the ongoing sell-off in Bitcoin (BTC), the market has not been favorable for Shiba Inu and other altcoins. As Bitcoin crashed, the entire market also saw a series of declines. As a result, SHIB fell to $0.00001266 on July 5, a 71% drop from the yearly high of $0.000045.
Shiba Inu has shown signs of decoupling from the overall downturn in the cryptocurrency market. While the altcoin market has been on a downward trajectory since June, SHIB has shown a modest recovery, driven by massive whale accumulation and technical bullish signals.
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However, as Bitcoin fell, the market stabilized. Shiba Inu eventually showed impressive resilience, rising sharply by 16% intraday on July 6. Despite the subsequent 10% drop, SHIB has remained above the low of $0.00001266. At current prices, the token has risen 29% from this price level.
