Shiba Inu (SHIB), a popular dog-themed cryptocurrency, experienced a sharp rebound in Friday’s trading session after a four-day losing streak. The rebound occurred when SHIB reached $0.0000185, a level near the daily 200-day Simple Moving Average (SMA), prompting traders to buy the dip. This bounce off a key support level highlights its significance as a point where buyers stepped in to defend SHIB’s price.
Following the rebound, SHIB’s price surged to highs of $0.000024 in Saturday’s session before retracting slightly. As of the latest update, Shiba Inu was trading at $0.000022, marking an 11% increase over the past 24 hours. The broader cryptocurrency market is also witnessing a recovery, with Bitcoin and Ethereum posting gains, aligning with SHIB’s sharp rebound.
On-chain data indicates that large holders, or “whales,” have been accumulating SHIB during the dip. Data from IntoTheBlock shows a significant increase in large holder inflows, jumping 824% from 1.9 trillion SHIB on Dec. 19 to 7.72 trillion SHIB on Dec. 20. This accumulation by whales may have contributed to SHIB’s recent price recovery.
As Shiba Inu continues its upward momentum, market observers are monitoring key support and resistance levels. Breaking through the daily SMA 50 at $0.0000252 could signal further gains and potentially lead SHIB to target the $0.000033 high. Conversely, failing to breach this level could result in a retest of the $0.0000185 support range.
Market sentiment remains cautious as traders closely watch Shiba Inu’s price action following the recent sell-off. A breakout could indicate bullish momentum, while a rejection may lead to consolidation or a retest of support levels. The ability to break through key resistance levels will be crucial in determining SHIB’s future price movements.
