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Home»TRADING NEWS»Is Shiba Inu (SHIB) rallying 16%?
TRADING NEWS

Is Shiba Inu (SHIB) rallying 16%?

By Crypto FlexsMarch 30, 20243 Mins Read
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Is Shiba Inu (SHIB) rallying 16%?
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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.

Shiba Inu whale accumulation. Source: Santiment

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.

Read More: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024

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.

Shiba Inu active addresses by profitability.
Shiba Inu active addresses by profitability. Source: IntoTheBlock

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.

SHIB/USDT 1-day chart.
SHIB/USDT 1-day chart. Source: TradingView

Read More: Dogecoin (DOGE) and Shiba Inu (SHIB): What’s the Difference?

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.

disclaimer

In accordance with Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions may change without notice. Always do your own research and consult with a professional before making any financial decisions. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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