The Shiba Inu price has risen by 1.5% in the past 24 hours, with its move to $0.00000834 also representing a 2% gain in a week.
And while SHIB is down by 5% in a fortnight, it’s also up by 9% in the last 30 days, with data revealing yesterday that a new whale has withdrawn around $2.4 million in the meme token from Binance.
This suggests that an accumulation phase may have begun, and with most analysts expecting a bull run at the end of the year, SHIB could be in more for more rallies very soon.
Shiba Inu’s chart and indicators remain somewhat subdued, but the counter to this is that they may be ready for renewed growth.
For instance, SHIB’s 30-day moving average (yellow) has softened its ascent in the past week or so, a sign of diminishing momentum.
Likewise, the coin’s relative strength index (purple) has remained stuck at the 50 for just over a week now, suggesting that it’s having a hard time attracting new buyers.
On the other hand, its support level (green) has held up quite well since the middle of October, implying that the coin remains in a more bullish phase.
On top of this, data suggests that at least some whales have been accumulating SHIB in recent days, a sign that larger traders expect further gains soon enough.Read more on cryptonews.com