Whales Bagging SHIB: Can Shiba Inu Coin Rebound From 200-Day EMA?

• SHIB price was trading in the support zone of $0.0000210.
• Whales have started staking, which might be crucial in further bull runs.

Shiba Inu’s (SHIB) price has been bullish in the broader time frame. The token kept rising by taking support on an ascending trendline and in higher highs and higher lows format.

The Shiba Inu coin has displayed weakness since the beginning of December. Furthermore, it has melted to the trendline. However, the price has undergone a correction phase on the trendline.

Buyers have attempted to lift the Shiba Inu price for another rally but failed to hold over the 20-day EMA. It has declined by 13.40% in less than three days and melted to the 200-day EMA. Whales have been staking SHIB crypto, which may help to push the price upside.

Whale Activity Increased Suddenly

Recently, a significant whale transferred more than 1.6 trillion SHIB tokens, valued at approximately $39 Million. The transfer happened from Crypto.com to private wallets, rekindling interest in the highly discussed token.

Massive price action is typically signaled by such whale activity. Moreover, when the whales enter the market, they either buy to start accumulation phases or accumulate.

These transactions show confidence in the long-term potential of the Shiba Inu coin. This is despite its difficulties with short-term prices.

The action has generated discussion on social media. Some analysts speculated that SHIB may be about to make a significant move in the upcoming months.

Will Shiba Inu Coin Reach the $1 mark?

When writing, the Shiba Inu coin was trading at $0.000021. That has dropped by less than 1% in an intraday session. The market capitalization was $12.4 Billion, and the 24-hour trading volume was $578.6 Million.

The price was in the higher high territory and has been consolidating. If it departs from this zone, it could witness massive buying pressure.

Based on the technical chart, buyers seem more substantial on the 200-day EMA. Suppose the price forms any bullish candlestick pattern; buyers might be confident.

It would be a bullish signal once the price exceeds the 20-day EMA. A strong bullish rally can be anticipated if the Shiba Inu price manages to hold the price over the 20-day EMA.

On the other hand, if the token dives below the major support level of $0.0000210, it might bring fear among buyers. Suppose the price remains below this level, most traders and investors might prefer to book profit. Here, profit booking might bring massive selling pressure.

SHIB Price Analysis Based on Trend

The outlook for the Shiba Inu coin remained cautious yet optimistic. This happened as recent whale activity suggests renewed interest and potential support for a price rebound.

The asset traded at $0.0000210 and hovered around the crucial 200-day EMA. With this, it is evident that SHIB was at a critical juncture.

A successful breakout above the 20-day EMA could signal a bullish reverse. This could further attract more buyers and possibly lead to significant price movements.

However, the situation is delicate. A drop below the key support level of $0.0000210 could trigger profit-taking and increased selling pressure. That could undermine the recent positive momentum.

Traders and investors are closely monitoring these developments. The interplay between bullish sentiment and potential selling pressure will be pivotal in determining Shiba Inu’s near-term trajectory.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.