Shiba Inu is the world’s 17th largest cryptocurrency. Bitcoin has lost as much as 23% in the last week, its worst losing streak in over a month. Technical developments suggest a relief bounce after recent losses, and data revealed some market players taking early positions.
The first piece of good news came from the Ethereum whales, who are known to have a fondness for the canine-themed coin. SHIB continued to trade hands among the top Ethereum wallets just a day after active addresses increased by 44%, becoming the most traded token in the recent 24 hours. At the time of writing, the top Ethereum wallets have transacted $4.3 billion worth of Ethereum, up 30% on the day.
JUST IN: $SHIB @Shibtoken is back on top 10 by trading volume among 500 biggest #ETH whales in the last 24hrs 🐳
— WhaleStats (free data on crypto whales) (@WhaleStats) June 12, 2022
Peep the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/8p5UMKwtzK
Shib Army is still going strong.
The Shib Army, which has been fairly active since last week even as bears wrecked havoc in the market, reinforced the high activity among whales. SHIB’s weekly social indicators, such as social dominance and social interactions, were growing at double-digit rates, according to data from LunarCrush, significantly outpacing the top 10 alts by market cap.
Daily Shiba Inu Chart.
Meanwhile, technical movements on the chart provided insight into why bullish feeling was beginning to emerge. The daily RSI for SHIB, which is a key indicator of market direction, was at oversold levels. Such readings usually cause a price comeback since the asset is thought to be trading below its ‘intrinsic worth.’
Along with the MACD, which created two higher lows in contrast to the price, a bullish divergence was also noticeable. Divergences suggest that the present downtrend is weakening and may potentially result in a price shift.
When looking at SHIB’s chart, $0.00000875-support seems like a sensible place to look for a bullish turnaround. On the daily timeframe, the zone was one of the strongest defenses, followed by $0.00000670.
