2024-3-31 10:00 |
Shiba Inu (SHIB) witnessed a good start to the month of March as it charted new 2024 highs, but this did not last long.
Following corrections and recovery, the meme coin is now at a crucial price, which will likely rally for this reason.
Shiba Inu Whales Don’t QuitShiba Inu’s price corrected by over 30% at the beginning of the month, but this did not discourage the large wallet holders who kept on adding SHIB to their wallets. In the span of a month, over 11 trillion SHIB were accumulated by these whales, who increased their holdings by $337 million.
Shiba Inu Whale Accumulation. Source: SantimentSince Shiba Inu is primarily a whale-focused token, these investors tend to have a lot of influence over price action.
Additionally, the meme coin also observes conviction at the hands of its retail investors. Active addresses by profitability highlight whether the investors that are participating on the network are in, at, or out of the money.
Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
At the moment, more than 80% of the active addresses are dominated by investors who are awaiting profits or losses. Investors in profit make up only 18% of the participation, which suggests that selling is not on the cards of SHIB holders right now.
Shiba Inu Active Addresses by Profitability. Source: IntoTheBlockThis would substantiate further increases in the meme coin’s price.
SHIB Price Prediction: Bullish Signals Take the Front StageAfter recovering by more than 28%, Shiba Inu’s price reclaimed the support of $0.00003000. Based on the aforementioned factors, it is expected to bounce off this support and rally.
The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator used to identify bullish and bearish trends, is also at the cusp of signaling a bullish crossover.
This would signal that SHIB is poised to climb the charts and tag the year-to-date highs of $0.00003599. Breaching this would establish new 2024 highs for SHIB.
SHIB/USDT 1-day chart. Source: TradingViewRead More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?
However, if the support of $0.00003000 is lost, the meme coin will potentially fall to $0.00002855. Losing this would invalidate the bullish thesis and send the price below $0.00002500.
The post This Is Why Shiba Inu (SHIB) Is Posed for a 16% Rally appeared first on BeInCrypto.
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