Shiba

Accumulate

Bitcoin

Shiba Inu

Trillion

Shiba Inu Price Analysis: The Bitcoin price decline over the past four days has triggered a new correction phase in the crypto market. Among the affected major altcoins, Shiba Inu (<a href="https://coingape.com/markets/shiba-inu-price-analysis-will-shib-hit-0-00003-by-may-end/">SHIB</a>) experienced a significant drop, falling from a high of $0.0000268 to $0.000024, marking a 10% decrease. Despite this, market sentiment remains bullish as Ethereum holds steady above $3650, bolstered by developments in the Spot ETH ETF. Will this canine memecoin rebound from $0.000024 this weekend? 
Also Read: <a href="https://coingape.com/shiba-inu-magazine-unveils-25th-edition-shib-k9-to-seize-global-limelight/">Shiba Inu Magazine Unveils 25th Edition, SHIB &amp; K9 To Seize Global Limelight</a> 
<h2 id="b-shiba-inu-whales-spark-bullish-sentiment-with-major-accumulation-b">Shiba Inu Whales Spark Bullish Sentiment with Major Accumulation</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/c/cz8UDA3w.png" alt="BINANCE:SHIBUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 Shiba Inu Price| Tradingview
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/shiba-inu/">Shiba Inu price</a> has been trading sideways for the past two months projecting no clear dominance from buyers or sellers. However, after the prior correction hit $0.000018, a renewed recovery sentiment spread on the SHIB price evidenced by the new higher low formation in the daily chart. 
<blockquote>
 These upswings indicate that most participants’ sentiment is gradually shifting from selling on rallies to buying dips. The SHIB price currently trades at $0.0000242 hovering above the combined support of $0.0000237 and an ascending trendline.
</blockquote> 
The daily candles with long-wick rejection indicate the buying pressure at the aforementioned support is intact and buyers could use it to rebound higher. 
According to recent data from the crypto analytics platform <a rel="nofollow" href="https://x.com/C__thumbs/status/1793678909898129636?t=tq8FmlAtsF69GrGa7UkVqw&amp;s=35">IntoTheBlock</a>, Shiba Inu (SHIB) whales have been significantly active in May, leading to notable accumulation of the token. As highlighted by C_thumbs, a content partner for IntoTheBlock, large whale transactions have reached an impressive volume, with around 30 trillion SHIB being traded in May alone. 
This surge in whale activity has positioned <a href="https://coingape.com/shiba-inu-news-shytoshi-kusama-teases-shib-etf-ethereum-greenlight/">Shiba Inu</a> as one of the most traded tokens by whales for the month and suggests a growing accumulation trend, which could indicate bullish sentiment towards Shiba Inu. 
Thus, a potential reversal from the dynamic support could uplift the SHIB price to $0.000028, followed by $0.00003285 and $0.000038. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The flattish trend in 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a> hints the near term is sideways.</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope wavering low at the 15% mark indicates the prior correction has assisted the asset in stabilizing its price action for further growth.</li> 
</ul> 
The post <a href="https://coingape.com/markets/shiba-inu-price-poised-whales-accumulate-30-trillion-shib/">Shiba Inu Price Analysis: Can Renewed Whale Interest Drive a Rally to $0.00003?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Shiba Inu Price Analysis: Can Renewed Whale Interest Drive a Rally to $0.00003?

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