Shiba Inu Holds Above $0.00001 as Whale Buys Ease Market Concerns

TLDR

• Shiba Inu regained stability after strong whale accumulation lifted confidence in the market.

• The token recovered above the $0.00001 support level after touching its two-week low.

• Whale activity included 204.3 billion Shiba Inu withdrawn from Coinbase within three days.

• The Relative Strength Index for Shiba Inu reached 47 showing the token is no longer oversold.

• SHIB moved above the nine-day moving average, reducing selling pressure in the market.

Shiba Inu regained stability after fears of losing its key $0.00001 support level. The token bounced following heavy whale activity. Large investors accumulated massive amounts of Shiba Inu, reducing selling pressure and boosting overall market sentiment.

Data confirmed that one whale withdrew 204.3 billion SHIB from Coinbase within three days. The whale conducted 14 transactions, most carrying at least 15.31 billion tokens. Analysts noted that these purchases signaled growing investor confidence.

This steady accumulation encouraged traders who had expected further declines. “Whale movements often show confidence,” market observers explained. SHIB enthusiasts responded positively as optimism replaced earlier concerns of prolonged weakness.

Shiba Inu Rises Above Key Support Level

Technical indicators improved after Shiba Inu’s rebound. Its Relative Strength Index rose to 47, signaling that it was no longer oversold. The token also moved above the nine-day moving average, which lessened downside risks.

Shiba Inu traded at $0.00001270 after recovering from its August 25 low of $0.00001188. This level had been its lowest in two weeks. However, momentum shifted as buying strength increased with technical stability.

The recent 2.72% daily gain and 1.45% weekly improvement highlighted renewed demand. Analysts said these movements reduced immediate fears of a fifth zero.SHIB now trades with greater resilience compared to recent downturns.

Analysts See SHIB Targeting $0.0001

Shiba Inu last traded with five zeros on February 27, 2024. It came close again on June 22 when prices nearly broke below $0.00001. Yet, support held both times despite widespread selling pressure across markets.

The latest rally marked a shift from that trend. SHIB held its ground above $0.00001 instead of adding another zero. Market participants said strong accumulation and technical support improved its near-term prospects.

Some analysts suggested that if momentum continues, SHIB could aim for $0.0001 in this market cycle. “Upside potential remains if accumulation sustains,” one expert explained. For now, stability has replaced immediate fears of deeper declines.

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