Shiba

Accumulate

Arkham

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-shiba-inu/" data-wpel-link="internal">Whales Accumulate Shiba Inu</a> 
Shiba Inu‘s (SHIB) price rebounded on Thursday after hitting a six-month low following the recent market crash. Although the price is currently in an uptrend, the overall trend remains downward. For SHIB’s price to achieve a sustainable rise, it needs to surpass significant resistance levels, which requires more volume. 
<h2 style="text-align: justify" id="strong-whales-accumulate-shib-strong">Whales Accumulate SHIB</h2> 
Recently, the increasing interest of Shiba Inu whales has been noteworthy. The whale transactions metric tracks SHIB transfers over $100,000, and <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from IntoTheBlock reveals a rise in large transactions. The increase in large transactions between August 7-8 indicates growing investor interest, signaling a positive outlook for Shiba Inu’s price. 
According to data provided by Arkham Intelligence, a new whale starting with 0x4B5C… purchased 220.34 billion SHIB through the Coinbase exchange in the last 48 hours, making a total investment of $3.11 million. This has led to an increase in the number of long-term SHIB <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> and boosted market confidence. 
On the derivatives side, SHIB’s Open Interest (OI) increased by 9.2% in the last 24 hours, indicating capital inflow into the <a href="https://en.coin-turk.com/explosive-growth-for-solana-based-meme-coin-dogwifhat/" data-wpel-link="internal">memecoin</a>. However, the altcoin‘s cumulative volume delta (CVD) fell to -204B, revealing more selling activity. This suggests that short positions are being opened as the price approaches the resistance zone, indicating a potential continuation of the downward trend. 
<h2 style="text-align: justify" id="strong-possible-scenarios-for-shiba-inu-strong">Possible Scenarios for Shiba Inu</h2> 
Shiba Inu’s price continues to remain in a general downtrend. The price is currently below the 50-day and 200-day Exponential Moving Averages (EMAs), reinforcing the bearish trend. A short-term upward correction is currently underway, and the price is attempting to break out of the descending channel. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378399" src="https://coin-turk.com/wp-content/uploads/2024/08/Altcoin-SHIB.jpeg" alt="" width="1280" height="538"> 
If Shiba Inu rises above the 200-day EMA, it is expected to show renewed strength and invalidate the bearish scenario. In this case, SHIB’s price could rapidly rise towards the next resistance levels between $0.00002300 and $0.00002800. However, technical indicators like RSI and CMF suggest that the price is still under pressure, and the recent rise could be followed by a pullback. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-accumulate-shiba-inu/" data-wpel-link="internal">Whales Accumulate Shiba Inu</a></h5>
The post <a href="https://en.coin-turk.com/whales-accumulate-shiba-inu/" data-wpel-link="internal">Whales Accumulate Shiba Inu</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Whales Accumulate Shiba Inu

Table of Contents

COINTURK NEWS

Other articles published on Aug 9, 2024

New Cryptocurrency Releases, Listings, & Presales Today – zKML, Wiener AI, Solana Name Service

Bitcoin Hits $68k, Notcoin Pulls back– Traders Are Moving to $NOTI!

HashKey Capital To Host Decode: Legacy, the World’s First Crypto-Themed Immersive Theatre Experie...

Ethena Labs Expands USDe to Solana, Introducing SOL Backing

Pro-Crypto Surge Boosts Kamala Harris Polymarket Odds Ahead of Trump

Japan's financial regulator urges caution on crypto-ETFs

Join our free newsletter for daily crypto updates!