Is it the best time to buy Shiba Inu (SHIB) token?

Is it the best time to buy Shiba Inu (SHIB) token?
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Key Shiba Inu Coin Takeaways:

  • The Shiba Inu coin gained 13% in the previous 24 hours. Is it the time to enter the market?
  • SHIB whales stirred as well, as one adress acquired over 4 trillion coins.

YEREVAN (CoinChapter.com) – Shiba Inu token, one of the best performing meme coins in 2021, possibly restored its bullish incentive after six weeks of correction. SHIB’s price gained 13% in the previous 24 hours as it broke out of the Falling Wedge formation, relevant since the all-time high of $0.000088 on Oct 28.

In short, the Falling Wedge features two trendlines that capsule the price action and drive the value down as the formation progresses. The reversal pattern foresees an uptrend ahead, as the Shiba Inu token confirmed in the Wednesday session by breaking the resistance.

Shiba Inu (SHIB) price daily chart featuring the Falling Wedge formation.
SHIB/USDT daily chart featuring the Falling Wedge formation. Source: TradingView.com

Should the uptrend continue, the upcoming sessions could be a good market entry point. Additionally, the token arrived at a resistance/support level that could help confirm the bullish streak. If SHIB breaks above $0.000036, the rally could be more convincing.

Also read: Shiba Inu price set for breakout as developers work on Shibarium layer 2 solution.

Michael Van de Poppe, the chief executive of the consulting firm Eight Global, offered his views on the SHIB chart. He noted a significant support bar under $0.000030 and another entry point at $0.000034. The analyst asserted that the chart “looked good,” and SHIB bulls could expect a continuation should the token retest crucial support.

However, Shiba Inu bulls seem to have acted already, as the whale activity spiked on Dec 21. In detail, whales are addresses holding large amounts of a particular asset.

SHIB whales in action

The mentioned whale buy took place in the Tuesday session, according to a whale tracking platform, WhaleStats. The latter tracks data from the top 1,000 Ethereum wallets and reported a single address purchasing $136 million worth of SHIB.

The 4 trillion SHIB tokens in question joined the other 8 million worth of Shiba Inu in the wallet. As a result, the meme coin makes up 26% of its portfolio holdings in Ethereum-based tokens.

Generally, bullish whale activity creates a buying pressure on the market, as it skews the liquidity, taking a considerable amount of tokens out of circulation.

Additionally, whales have a degree of influence on the “little fish.” Some traders could see a buying whale as a bullish sign and long the token. If and when enough traders follow the lead, the bullish incentive stands.

Also read: Shiba Inu Games emerges as a survival bet as SHIB drops 60% in less than two months.

Based on the technical analysis, SHIB could be on the verge of a bias reversal. If so, now is the right time to enter the market and buy SHIB. First, however, Mr. Van de Poppe advises holding the horses until SHIB retests several key supports and confirms the prediction.

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