CDS Crypto News Shiba Inu Price Recovery and Whale Activity: A Mixed Outlook
Crypto News

Shiba Inu Price Recovery and Whale Activity: A Mixed Outlook

70
Shiba Inu Price Recovery and Whale Activity

Shiba Inu Price Recovery and Whale Activity: A Mixed Outlook

On Thursday, Shiba Inu’s price experienced a notable rebound, recovering from a six-month low triggered by the recent market downturn. While the price is currently trending upwards, the broader trajectory remains bearish. Notably, there has been a surge in whale activity, with new whales acquiring over 220 billion SHIB tokens, valued at approximately $3.11 million.

Whale Accumulation Amid Bearish Sentiment

Despite the overall bearish outlook, Shiba Inu whales have become increasingly active. The whale transaction count metric, which tracks individual SHIB transfers exceeding $100,000, has shown a significant uptick in activity. According to data from IntoTheBlock, the number of large transactions involving SHIB has risen from August 7 to August 8, indicating growing investor interest—a bullish sign for the Shiba Inu price.

Shiba Inu Price Recovery and Whale Activity

Further supporting this trend, Arkham Intelligence has identified a new smart whale, labeled as “0x4B5C,” which has purchased 220.34 billion SHIB worth $3.11 million from Coinbase within the past 48 hours. This activity has increased the percentage of long-term SHIB holders, who are typically whales, to 78%, boosting confidence among non-holders.

Additionally, the Shiba Inu open interest (OI) has increased by 9.2% over the last 24 hours, signaling a fresh influx of capital into the meme coin. However, the cumulative volume delta (CVD) for SHIB has dropped to -204B, indicating that selling pressure currently outweighs buying interest.

The rising OI coupled with the downward CVD suggests that short positions may be increasing as the SHIB price nears a potential resistance zone, which is generally bearish for the token’s price outlook.

Will Shiba Inu Break Out of Its Downtrend?

Shiba Inu’s price remains entrenched in a broader downtrend, as highlighted by its position within a falling channel. The token is currently trading below both its 50-day ($0.00001557) and 200-day exponential moving averages (EMAs) ($0.00001867), underscoring the ongoing bearish trend. However, a short-term upward correction is in progress as SHIB attempts to break out of this descending channel.

The price is encountering resistance at the 50-day EMA, near the 200-day EMA, and within the $0.00001800 to $0.00001900 range. On the downside, SHIB finds support at the lower boundary of the falling channel around $0.00001000 and near the historical support level of $0.00000800.

Shiba Inu Price Recovery and Whale Activity

Recent price action shows a bullish momentum, with the emergence of larger green candles. However, the overall trend remains downward, suggesting that this upward movement could be a temporary pullback before the downtrend resumes.

Shiba Inu Price Recovery and Whale Activity

The Relative Strength Index (RSI) currently stands at 45.60, indicating a neutral to bearish position, edging toward oversold territory. While there is potential for upward movement, the momentum appears weak. The Chaikin Money Flow (CMF) is slightly negative at -0.12, reflecting a minor outflow of capital, consistent with the prevailing bearish sentiment.

Shiba Inu Price Outlook

Shiba Inu Price Recovery and Whale Activity

If Shiba Inu manages to rise above the 200-day EMA, it could signal a shift in market strength, potentially invalidating the bearish outlook. In this scenario, the SHIB price could surge toward the next resistance levels around $0.00002300 and $0.00002800.

Shiba Inu Price Recovery and Whale Activity

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...