Main navigation

Shiba Inu Comes Back with Massive 30% Spike in March, Whales' Transactions Increase by 349%

Advertisement
Tue, 29/03/2022 - 10:30
Shiba Inu Comes Back with Massive 30% Spike in March, Whales' Transactions Increase by 349%
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu once again disrupts the cryptocurrency market with a strong comeback on the scene in March. Since the lowest trading point in March, SHIB has gained around 30%, which caused an immediate reaction among whales that started actively moving their funds, according to TradingView.

Advertisement

As the Shiba Inu chart suggests, the asset is currently moving in a 25% rally for the last two weeks, showing that risk-on tendencies have returned to the market. We should also point out that SHIB trading volume also saw a major spike on March 28, which made the day the most intense trading one in the last month.

Article image
Source: TradingView

It is also noticeable that the number of large transactions made by whales increased by almost 350% which is a mind-blowing number for a relatively small-cap altcoin like Shiba Inu. Despite the absence of major buying power, whales are most likely redistributing funds to sell or buy additional SHIB tokens.

Shiba Inu technical indicators

Previously, because of the absence of almost any kind of volatility on Shiba Inu tokens, it was relatively hard to use various technical analysis tools; hence, the majority of market participants were unable to properly use this method of price movement prediction and analysis.

Related

But thanks to increased volatility, indicators like the Relative Strength Index and Moving Averages became useful again. According to data provided by indicators, Shiba Inu's spike in volatility was followed by the tightening of various moving averages, including 50- and 200-day lines.

As for the RSI, the indicator's value reached 65, which puts the token close to the "overbought zone," which quite often becomes a reason for a price reversal. At press time, Shiba Inu trades at $0.00002759 with a 4% price increase in the last 24 hours.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD