Shiba Inu (SHIB) got off to a good start to the month of March, hitting a new 2024 high, but that didn’t last long.
Following a correction and recovery, the meme coin has now reached a critical price and is likely to rise for this reason.
Shiba Whales don’t give up
The price of Shiba Inu has corrected by more than 30% at the beginning of the month, but this has not discouraged large wallet holders who continue to add SHIB to their wallets. Over 11 trillion SHIBs were accumulated by these whales in one month, increasing their holdings by $337 million.
Since Shiba Inu is primarily a whale-focused token, these investors tend to have a lot of influence over the price action.
Additionally, meme coins observe belief in the hands of retail investors. Active addresses based on profitability highlight whether investors participating in the network are in, out of or out of funds.
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Currently, more than 80% of active addresses are controlled by investors waiting for profits or losses. Profit-seeking investors account for only 18% of total participation. This means that current SHIB holders cannot sell.
This will prove a further rise in the meme coin price.
SHIB Price Prediction: Bullish Signals Come to the Fore
After recovering over 28%, the price of Shiba Inu regained the support level of $0.00003000. Based on the factors mentioned above, we expect this support to bounce back and bounce back.
Moving Average Convergence Divergence (MACD), a trend-following momentum indicator used to identify bullish and bearish trends, is also on the verge of sending a bullish crossover signal.
This is a sign that SHIB is poised to hit the charts and hit this year’s high of $0.00003599. A breach would push SHIB to new highs in 2024.
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However, if the $0.00003000 support is lost, the meme coin is likely to fall to $0.00002855. Losing this would invalidate the optimism and send the price below $0.00002500.
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