Will Price Reclaim Recent Highs?

• Whale’s $4.6M SHIB purchase signals belief in price recovery and long-term growth.
• SHIB faces resistance at $0.00001950 and $0.00002000 amid price consolidation.
• RSI nearing oversold levels hints at potential rebound if buying pressure rises.

Shiba Inu (SHIB) has made headlines after a whale investor acquired a massive 257.5 billion SHIB tokens for $4.6 million during a recent market dip, according to Lookonchain. 

This move has put SHIB back in the spotlight, with the whale’s total holdings now reaching 477.5 billion SHIB, worth about $8.57 million. This buy suggests that some investors see the current market dip as a good opportunity to stock up on SHIB, betting on a future price recovery.

Shiba Inu Price Trends and Key Support Levels

As of press time, SHIB is priced at $0.00001909, showing a 7.25% increase in the last 24 hours. However, trading volume has dropped by 14.64%, hinting at either reduced market activity or some profit-taking at the higher price levels. 

Despite the dip in volume, SHIB’s price is still holding above key support levels. The $0.00001781 support zone has proven to be reliable, with the price bouncing back from previous dips. Additionally, the $0.00001850 level is acting as another support, helping SHIB maintain its upward trajectory.

Resistance Levels and Potential for Further Gains

Looking ahead, SHIB faces a few resistance levels that could determine its next move. The first resistance zone sits at $0.00001950, a level that SHIB has struggled to break through in the past. 

Another major resistance level is at $0.00002000, which is a psychological hurdle for many traders. If SHIB can break through these resistance zones, it could signal further gains. However, if it can’t hold above the $0.00001850 support, we might see it retest lower levels, suggesting some weakness in the market.

Related: Shiba Inu: Long-Term Strength Holds Steady Despite Near-Term Setbacks

Technical Indicators and Market Sentiment

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Several technical indicators give us some clues about SHIB’s current market condition. The Relative Strength Index (RSI) is at 37.09, nearing oversold conditions. This means that SHIB could be poised for a bounce if buyers step in. 

The Moving Average Convergence Divergence (MACD) is still in negative territory, reflecting the current downward momentum. However, there are signs that this bearish pressure might be easing, which could lead to a reversal if the market improves.