The current state of Shiba Inu (SHIB) is sparking considerable discussion among crypto enthusiasts, with many viewing its price as at an inflection point. Amid a wave of whale sell-offs, the SHIB community remains optimistic about potential recovery, and here’s why you might want to consider buying SHIB right now, despite the ongoing turbulence.
Recently, the actions of whales in the Shiba Inu market led to sell-offs worth millions of dollars, triggering panic among smaller investors. Just last week, a significant whale offloaded 250 billion SHIB tokens valued at nearly $6.05 million. This particular whale, who bought in early for just $3.8K back in 2020, still holds a substantial reserve of 2 trillion SHIB tokens, proving that early investment has reaped massive profits of about $108 million.
As the SHIB price dipped, community sentiment fluctuated. Many traders liquidated their positions due to the panic induced by whales. Data shows that approximately $5 million worth of long positions in SHIB were liquidated in a mere 24 hours. Falling below the critical level of $0.000024, there was concern about further declines, especially given the reduction in the SHIB burn rate and the overall weakness in the broader crypto market.
Despite the recent downturn, the Shiba Inu price is starting to show signs of recovery after dropping over 10% in just one day. The price has found some support around $0.0000244, indicating a possible rebound. Analysts are optimistic that SHIB could reach as high as $0.0000998 by 2025, fueled by a combination of improving technical indicators and community sentiment surrounding associated tokens like SHIFU and TREAT.
Technical analysis reveals the intraday low and high for SHIB were $0.000023 and $0.000026, respectively. The price recently rebounded from the 0.5 Fib retracement level, highlighting a potential parabolic rally ahead. Traders are eyeing $0.000037 as the next significant resistance level to watch out for as volatility is expected to peak around mid-January, coinciding with notable political events.
The Shiba Inu community is rallying for a recovery, driven by renewed hope and upcoming events that could potentially soar prices to new heights. If you’re considering getting into SHIB, now might be the perfect time to capitalize on this potential resurgence.
Of course, it’s essential to approach investments judiciously. The volatility associated with both SHIB and the wider crypto landscape can be extreme. Therefore, always conduct your own research and reflect on what feels right for your financial situation before diving into this dynamic market.
