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Shiba Inu Suggests an Approaching Move on Price, Near Historic Support: Details

Tue, 05/17/2022 - 15:47
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Tomiwabold Olajide
Shiba Inu remains in support around $0.0000117 to $0.0000119 level
Shiba Inu Suggests an Approaching Move on Price, Near Historic Support: Details
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As seen on its daily chart, Shiba Inu remains in support around the $0.0000117 to $0.0000119 level, holding above this level since May 15. While the price seems ready for incoming price movement, the daily RSI is tilting slightly upward above the oversold levels, suggesting the possibility of a near-term move.

SHIB/USD Daily Chart, Courtesy: TradingView

Meanwhile, Shiba Inu continues to trade in a triangle pattern with support near $0.0000087, according to its weekly chart. With the imminent constriction of the triangle pattern in the coming days, a major move might be underway. If history repeats itself, Shiba Inu might embark on sideways trading, or consolidation, before its next move.

At the time of publication, SHIB was trading up 3% at $0.0000123 after setting intraday highs at $0.0000127. Buyers seem to be seeking potential entry points into the market as the meme cryptocurrency trades beneath the $0.000014 mark.

Shiba Inu returns among most purchased tokens by whales

As reported by WhaleStats, Shiba Inu returned among the top 10 most purchased tokens by the 2,000 biggest ETH whales today. The meme cryptocurrency also remains one of the top 10 in terms of trading volume. A WhaleStats analysis of the top 100 Shiba Inu holders demonstrates a 409% increase in volume.

During periods of consolidation and market dips, whales typically take the opportunity to buy tokens at a discount. An Ethereum whale named "BlueWhale0073" recently bought 375,977,961,547 SHIB valued at $4,568,132.

According to WhaleStats, Shiba Inu remains the second-largest holding of the top 1000 ETH whales, who now "hodl" $740,126,401 worth of Shiba Inu.

Shiba Inu has gained nearly 20,000 holders since the start of May. According to WhaleStats, the total number of SHIB holders is currently 1,169,694.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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