Shiba Inu price has staged a strong comeback in the past few days as the crypto market rebounded. SHIB coin was trading at $0.000010, up by over 53% from its lowest point on Friday. This article provides a Shiba Inu coin prediction and what to expect.
Shiba Inu Price Rises Amid Whale Buying
There are a few reasons why the Shiba Inu coin price has staged a strong comeback in the past few days. First, the coin has rebounded due to the ongoing crypto market rally, which has pushed Bitcoin to over $115,000.
The market capitalization of all coins has jumped to $3.9 trillion. This rebound happened after Donald Trump and JD Vance signaled openness to a trade deal with China.
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Second, the SHIB price has jumped after the developers announced a supply redenomination. They hope that the coin will create a cleaner supply adjustment. Holders will have fewer coins, each with more value, while the market cap remains identical. This is similar to what happens during a stock split.
Third, data shows that whales are buying more SHIB coins, while the supply in exchanges has plunged. Data shows that the supply has plunged to 275.72 trillion, down from last month’s high of 283 trillion.
Most importantly, whales have boosted their holdings to 209.89 billion tokens, up from 33 billion on the same period last month. Increasing whale buying is a sign that they expect the price to rebound in the near term.
SHIB Price Technical Analysis
The daily timeframe chart shows that the SHIB price dropped from a high of $0.00001763 in May to a low of $0.00000695 last Friday.
Shiba Inu price dropped below the important support at $0.00001020, the lowest swing in April and June this year. This price was the lower side of the descending triangle pattern, a common bearish continuation pattern. This pattern explains why it dropped last week.
SHIB price has bounced back after it formed a giant hammer candlestick pattern. This pattern is made up of a long lower shadow and a big body. It is one of the most common bullish patterns in the market.
Therefore, the coin will likely continue rising as bulls target the upper side of the descending triangle pattern at $0.000013. However, there is a risk that the ongoing rebound could be a dead-cat bounce, potentially leading to more downside.
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