• 26 May, 2024
Market News

SHIB Inu Price Remains Depressed Near $0.000012 Despite Whales Buying

 Recovery in the global crypto market remains elusive despite a broader dollar weakness. Bitcoin remains flat near $22,800, while Ethereum lost nearly 1% below $1,650

Shiba Inu (SHIB) price analysis remains neutral for today. The price opened higher but could not sustain the gains. After hitting the high of $0.00001220, the price retraced lower. At the time of writing, the SHIB price is reading at $0.00001206 for the day. The 24-hour trading volume of the 13th largest coin by market cap stands at $390,912,433, up 32.14% per Coinmarketcap.

Shiba Inu registered gains of more than 40% since the beginning of 2023. There are a few fundamental reasons behind the recent growth. One of them is the announcement of the launch of Shibarium, a layer 2 blockchain solution on January 6. Further, on January 18, Upbit, South Korea’s largest cryptocurrency exchange announced the listing of Shiba Inu against the Korean Won.

In addition to that, a tweet by Ali Needazar showed that an anonymous user bought 848,776,937 SHIB meme coins, paying minutely above $9.2 million for them. And, the most giant whales on the Ethereum chain store over 50.5 trillion Shiba Inu in their wallets.

Despite whale’s activity SHIB failed to sustain gains

Source: Trading view

From the technical perspective, on the 4-hour chart, the SHIB Inu price is in an uptrend from the low of $0.00000804 made on December 29. A Symmetrical triangle formation near the higher level indicates a breakout either upside or downside in the near term

The 4-hour RSI reads at 58 but below the average line. Another momentum oscillator, the MACD holds above the midline but with a bearish momentum. 

Further, the price hovers near the 21-day Exponential Moving Average (EMA). Sustained selling pressure could breach the moving average and the price could dive toward $0.00001106.

On the upper side, the first target could be the previous day’s high of  $0.00001250.

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