Should you buy Shiba Inu (SHIB/USD) as whale accumulation intensifies?

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  • The Shiba Inu has made an 11% recovery in a week.

  • Shiba Inu token has seen increased activity amid an improvement in altcoin sentiment.

  • SHIB is still bearish and it may remain weak till $0.0000075.

Shiba Inu (SHIB/USD) Large investors have been defending the coin against the bear market for a long time. WhaleStats data from November 28 showed SHIB was among the top 10 cryptocurrencies by trading volume among the largest Ethereum whales. IntoTheBlock data also shows that there has been a 141% increase in large transactions on the Shiba Inu network over the past 24 hours.

An increase in trading volume and transactions indicates that traders are buying or selling SHIB aggressively. However, SHIB’s price outlook shows that the cryptocurrency has gained 2.24% in a week and 11% intraday. This suggests that large investors may, in fact, be buying the meme cryptocurrency.

The whale activity on Shiba Inu comes as sentiment data shows growing interest in altcoins. According to the data, the bullish sentiment for altcoins has reached a 3-month high. as CoinJournal informed of, Dogecoin was leading the surge on the Musk news. The gain in SHIB reflects better sentiment, with the meme cryptocurrency known to follow DOGE moves.

SHIB price outlook and analysis amid weekly recovery

SHIB/USD Chart by TradingView

On the technical side, SHIB price is still in a bear market. The MACD indicator has started a bullish crossover but remains bearish. An RSI reading of 45 is well below the midpoint.

Moreover, the recent recovery has taken SHIB slightly above $0.000009. However, the bulls are yet to recapture the important levels. We consider a bearish outlook for SHIB in the near term.

When to buy Shib?

shib price Remains unprotected until buyers withdraw $0.000012. The level is the established resistance and the SHIB is a focal point for the trend pivot.

Even with a slight correction in price, the upside is weak, which means that sellers may try to push the coin lower again. In a bearish scenario, SHIB may find support at $0.0000075. This is similar to the June low before the cryptocurrency began its recovery.

Where to Buy SHIB


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