Shiba Inu Price Prediction as $100 Million Trading Volume Comes In – Are Whales Buying SHIB at This Level?
The Shiba Inu price has dropped by 4% in the past 24 hours, falling to $0.00000656 as the cryptocurrency market continues to weather the storm caused by the SEC's recent actions against Binance and Coinbase.
SHIB's current price means it has declined by 17% in the past week and by 25% in the last 30 days, with the meme token also down by 19% since the beginning of the year.
However, today's decline has seen SHIB's 24-hour trading volume rise back up to $100 million, providing the kind of activity that may help it mount a recovery in the coming days.
And with signs suggesting that whales may have begun buying SHIB at a discount, it may not be long before it does return to growth, especially with layer-two network Shibarium continuing to make progress towards launching.
SHIB's indicators continue to show weakness, which perhaps isn't so surprising for a coin that has just fallen by 4% in a day and by 17% in a week.
However, these indicators also suggest that SHIB may have hit a bottom and could be on the brink of recovering.
For example, its relative strength index (purple) has begun creeping up again after spending the weekend and the earlier part of the week close to 30 (or below), signaling a slight recovery of momentum.
At the same time, SHIB's 30-day moving average (yellow) has leveled off after falling consistently in the past week, something which again could mean that it's very close to seeing a recovery.
Such a forecast is supported by its volume increase today, with increases in trading often preceding increases in price.
It's also interesting to note that the past few days have seen a couple of big whale transfers involving SHIB, with one transfer on Monday witnessing over 1 billion SHIB being moved from Jump Trading to
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