- Why there’s more to the Shiba Inu weekend recovery rally than meets the eye.
- SHIB whales stack up as the cup and handle pattern continues to repeat.
Shiba Inu [SHIB] confirmed renewed interest last weekend, after a sharp sell-off in early October.
Could this be a sign that the popular memecoin will continue to build on the bullish momentum that manifested itself in September?
SHIB had recovered to a press-time price of $0.000018 over the weekend thanks to renewed demand.
The recovery started after the price retested the Fibonacci levels of 0.5 and 0.618 from the September lows to the September highs.
The price also appears to be moving within a cup-and-handle pattern that has formed since May. Why is this important?
Well, August and September showed signs of a potential bottom of the pattern. This also means that Shiba Inu should technically be in a bullish trend for more than a month.
The September performance, coupled with the signs of renewed interest, indicate that the cup and handle pattern is still in play and that SHIB could continue to widen the gap from the August/September low range.
Based on the rating, Shiba Inu can make another 48% plus potential gain in the coming months to complete the pattern. This means that SHIB could rise to $0.000027 if everything goes as expected.
Shiba Inu whales are adding to the bullish momentum
SHIB resumed bullish momentum over the weekend with significant intensity, driven by whale activity. On-chain data showed that inflows from large holders peaked at SHIB 3.12 trillion on October 2.
Large farmer outflows peaked at SHIB 2.65 trillion on the same day, confirming demand exceeding selling pressure.
Large holders had 172.72 billion SHIB flows to their addresses in the last 24 hours. The same category of holders had 363.42 billion SHIB flowing out of their addresses.
This was almost half of the inflow, meaning there was more demand than selling pressure.
Shiba Inu’s long-term prospects also remain bullish, and for good reason. The cryptocurrency now has over 1.07 million HODLers. This figure has grown steadily and aggressively over the past three years.
Read Shiba Inu’s [SHIB] Price forecast 2024–2025
The number of Cruisers or swing traders has decreased over the past three months, and the same is true over the past three years. This confirms a growing focus from short-term to long-term investments in the memecoin.
Therefore, if this trend continues, Shiba Inu may continue to experience a strong recovery in both the short and long term.
