- Whale transactions spiked in recent days despite price declines.
- The number of longs for SHIB far exceeded the shorts at the time of writing.
Shiba Inu [SHIB] fell 2.6% in the past 24 trading hours as the woes of the second-largest meme coin project continued in January.
The dog-themed token has barely moved over the past week, losing 14.5o% of its value since the start of the year, AMBCrypto noted using CoinMarketCap facts.
While these numbers don’t inspire much optimism, the state of the broader market needs to be taken into account.
Most coins have in the red this month due to a downturn caused by the outflows of Grayscale Bitcoin Trust.
SHIB was even slightly better off compared to other meme coins. AMBCrypto noted that SHIB was the only meme coin project that was not registered weekly drops at the time of publication.
Is recovery on the map?
SHIB traders could take heart from a recent bullish forecast from a popular technical analyst Ali Martinez.
Martinez saw a buy signal while analyzing the TD Sequential indicator, which made him optimistic about a SHIB rise in the coming days. He predicted,
“Stay tuned, like SHIB could rise to $0.010 or possibly even reach $0.011.”
AMBCrypto did further research and found some additional data using Trading View. The Relative Strength Index (RSI) slowly rose to the neutral 50 level, a sign of easing selling pressure.
Moreover, the Moving Average Convergence Divergence (MACD) line crossed the signal line, which was interpreted as a buy signal by most analysts and traders.
Source: trading view
Whales feel gain
It seemed that the SHIB whales also came up with bullish predictions for the meme coin.
Despite the price drop, large trades worth more than $100,000 have increased over the past four days, according to AMBCrypto’s analysis of Santiment data.
Read Shiba Inu’s [SHIB] Price forecast 2024-25
As is clear, the transactions resulted in an increase in the number of whale cohort addresses. This implied that whales were stockpiling in pursuit of future profits.
Source: Santiment
According to Coinglass, the number of longs for SHIB has more than overtaken the shorts at the time of writing. This further proved that traders were aiming for a better February.
Source: Coinglass