- Shiba Inu has surged by 120% over eight consecutive days, reaching $0.00002055.
- On-chain activities, including strategic withdrawals and notable acquisitions, indicate smart money accumulating SHIB.
- Technical indicators suggest a potential minor retracement amid rising supply pressure but maintain optimism for a continued long-term rally in SHIB price.
Shiba Inu (SHIB) has experienced a remarkable surge over the past eight days, witnessing a staggering 120% growth. This surge has propelled SHIB’s price from $0.00000923 to $0.00002055, indicating a bullish trend in the market.
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The rally in SHIB’s price can be attributed to increasing trading volume and the emergence of a bullish reversal pattern, signaling further potential for upward movement in its price trajectory.
The recent surge in SHIB’s price is also backed by strategic on-chain moves by key players in the cryptocurrency market. Notable activities include a significant withdrawal of SHIB from Binance by a trader named “0x37d,” resulting in substantial profits following the price pump. Additionally, MakerDAO’s founder made a noteworthy purchase of SHIB, further boosting confidence in the asset among retail traders.
Furthermore, an Upbit-related wallet accumulated a significant amount of SHIB within a 24-hour period, solidifying its position as one of the largest SHIB holders. These strategic moves by institutional and retail investors highlight growing confidence in SHIB’s long-term potential.
Despite the recent surge, SHIB’s price may face resistance at key levels, potentially triggering a minor pullback in the short term. However, such corrections are viewed as necessary for the asset to sustain its long-term rally, allowing buyers to regain strength before further upward movement.
Technical indicators, including the Bollinger Bands and Relative Strength Index (RSI), suggest that buyers are currently dominating the SHIB market, though a minor retracement may be imminent as the RSI approaches overbought territory.
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