Shiba Inu Continues its Price Momentum in March
Shiba Inu (SHIB) has started the month of March with strong price movements, hitting new highs for the year. Despite facing some corrections and subsequent recovery, the meme coin now finds itself at a critical price level that could lead to another rally.
Whales Show Confidence in Shiba Inu
- Despite a 30% correction in its price earlier this month, large wallet holders continued to accumulate SHIB.
- Whales added over 11 trillion SHIB to their wallets, boosting their holdings by $337 million in just a month.
Given that Shiba Inu is a token that attracts whale investors, these holders have significant influence over the coin’s price movements. Additionally, retail investors also demonstrate strong conviction in the meme coin, with active addresses showing a majority waiting for profits or losses rather than selling.
Shiba Inu Price Prediction Sees Bullish Signs
Following a recovery of over 28%, Shiba Inu has reclaimed the $0.00003000 support level. Based on various indicators, the coin is expected to bounce off this support and continue its upward momentum.
- The Moving Average Convergence Divergence (MACD) indicator is on the verge of signaling a bullish crossover, indicating a potential surge in SHIB’s price.
- If SHIB breaches the year-to-date highs of $0.00003599, it could establish new highs for 2024.
However, a breakdown below the $0.00003000 support could lead Shiba Inu to fall to $0.00002855, potentially invalidating the bullish outlook and pushing the price lower.
Shiba Inu – Dogecoin: A Comparison
- While both Shiba Inu and Dogecoin are popular meme coins, they have key differences in their technology and use cases.
- Understanding these distinctions can help investors make informed decisions when choosing between the two tokens.
Hot Take: Your Position on Shiba Inu Matters
As Shiba Inu continues its price journey, it is crucial for investors to pay attention to key levels of support and resistance to gauge the coin’s future trajectory. The confidence shown by whales and retail investors can influence market sentiment, leading to further price increases in the meme coin.
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