Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant surge of 12% after a challenging period highlighted by four consecutive days of losses. This impressive rebound occurred as the price hit a crucial support level of $0.0000185, which is close to the 200-day Simple Moving Average (SMA). It was a moment where traders enthusiastically seized the opportunity to buy the dip.
The bounce back from the $0.0000185 level emphasizes its role as a vital support point. Essentially, this price level acted as a trampoline, allowing buyers to jump in and create upward momentum. The impressive recovery saw SHIB’s price reach a high of $0.000024 in Saturday trading before settling at around $0.000022, marking an 11% increase in just 24 hours.
Across the cryptocurrency landscape, signs of recovery are emerging following a substantial sell-off on Friday, with major players like Bitcoin and Ethereum also enjoying gains during this time. Shiba Inu’s sharp rise is in line with this overall upward trend.
In addition to this price action, on-chain data indicates that significant accumulation is occurring among major holders or “whales.” These larger investors seem to be capitalizing on the discounted prices of SHIB during its dip. According to IntoTheBlock, inflows into whale addresses for Shiba Inu jumped a staggering 824%, increasing from 1.9 trillion SHIB on December 19 to 7.72 trillion SHIB on December 20.
But what lies ahead for Shiba Inu? As its price continues to recover, all eyes will be on the key support and resistance levels. If SHIB can break through the daily SMA 50 at $0.0000252, this may suggest a sustained upward trend, possibly lifting the price to target the $0.000033 mark. Conversely, failing to breach this vital level could prompt a retracement back to retest the $0.0000185 support zone.
Trader sentiment remains cautious after the recent turbulence. Many are closely watching Shiba Inu’s price movements to gauge where it might head next. A successful breakout could signal additional bullish momentum, while a rejection at resistance might lead to consolidation or revisiting support levels. Investors, keep your eyes peeled; the journey of SHIB is just heating up!
