Shiba Inu Price Surges as Whales Increase Holdings
The price of Shiba Inu (SHIB), the second-largest memecoin, has been on a consistent upward trend for the past eight days. During this period, the price surged from $0.00000946 to $0.0000377, registering over 250% growth. This recovery is supported by increasing volume and a significant increase in Future Open Interest, indicating sustainable growth and growing market interest in this asset.
In addition to these positive indicators, Rune Christensen, the founder of MakerDAO, has made substantial purchases of SHIB. On March 1st, Christensen invested 100K USDC to acquire 7.41 billion SHIB, just before the token’s price surged by approximately 60%. He made another purchase of 17.629 billion SHIB with 400K USDC twelve hours ago, preceding a price increase of around 20%. These strategic investments by a prominent figure in the DeFi space further confirm the potential for continued growth in SHIB.
Shiba Inu’s Recovery Path
An analysis of the chart reveals that the Shiba Inu price is forming a bullish reversal pattern known as a rounding bottom. This U-shaped recovery pattern suggests that the coin price is emerging from a period of accumulation and entering a new upward trend.
Currently trading at $0.00003, the SHIB price has found support at this psychological level. If the coin price can sustain above this level, buyers may drive a rally towards $0.00004 and potentially even reach $0.000045.
Technical Indicators
- Exponential Moving Averages (EMAs): The daily EMAs (20, 50, 100, and 200) have experienced a sharp uptick, indicating that the broader trend remains aggressively bullish.
- Relative Strength Index (RSI): The daily RSI is currently at 95%, indicating that the asset is in overbought territory. This suggests that a notable correction may be on the horizon for SHIB.
🔥 Hot Take: Shiba Inu Continues to Surge 🔥
The cryptocurrency market is experiencing a bullish trajectory, with Bitcoin leading the way with a 5% increase in price today. This surge in Bitcoin’s price is fueling the overall market, and Shiba Inu is no exception. The Shiba Inu price has jumped 47% to breach another key resistance level of $0.00003.
With whales increasing their holdings of SHIB and prominent figures like Rune Christensen making strategic investments, there is strong evidence to suggest that the recovery of Shiba Inu will continue. The rounding bottom pattern and positive technical indicators further support this outlook.
As always, it’s important to remember that cryptocurrency investments carry inherent risks, and it’s essential to conduct thorough research and exercise caution when making investment decisions.
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