Shiba Inu has broken a seven-week downtrend, but a true confirmation of a bullish reversal will require clearing key technical levels. Meanwhile, whales have heavily accumulated SHIB tokens, suggesting a strong recovery ahead.
After seven weeks of decline, the price of Shiba Inu has finally put an end to this negative trend. This bullish breakthrough indicates a major shift in favor of buyers and could mark the beginning of a period of short-term gains. However, to confirm the strength of buyers, the price will need to surpass the 50-day moving average level, which is $0.0000134.
Crossing this step will confirm an uptrend and pave the way for potential additional gains. For a long-term uptrend, Shiba Inu will need to surpass the resistance at the 200-day moving average level, at $0.000016. This advancement would represent an increase of nearly 40% from the current price.
In addition to the moving average levels, the PoC line at $0.0000151 is another crucial element to monitor in Shiba Inu’s price. This line marks a pivot point where buyer/seller pressure is particularly strong. The ability of SHIB to cross this level would confirm a market structure change, transitioning from bearish to bullish.
The Fibonacci level at 61.8% is also essential for Shiba Inu’s progression. This level, located at $0.000014, will be a significant indicator of the trend evolution for this token.
It is interesting to note that whales seem to be accumulating a massive amount of SHIB tokens, perhaps anticipating a bullish reversal. Their recent acquisition of 1.6 trillion tokens reinforces the hypothesis of a bullish prediction for Shiba Inu.
The end of Shiba Inu’s bearish trend, combined with token accumulation by whales, suggests a potential price increase. If this bullish trend continues, a significant 40% increase to $0.000016 could confirm a complete bullish turnaround for SHIB.
Remember to study the market and adjust your approach before making an investment.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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