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This Is Why Shiba Inu (SHIB) Is Posed for a 16% Rally

Shiba Inu (SHIB) witnessed a good start to the month of March as it charted new 2024 highs, but this did not last long.

Following corrections and recovery, the meme coin is now at a crucial price, which will likely rally for this reason.

Shiba Inu Whales Don’t Quit

Shiba Inu’s price corrected by over 30% at the beginning of the month, but this did not discourage the large wallet holders who kept on adding SHIB to their wallets. In the span of a month, over 11 trillion SHIB were accumulated by these whales, who increased their holdings by $337 million.

Shiba Inu Whale Accumulation.
Shiba Inu Whale Accumulation. Source: Santiment

Since Shiba Inu is primarily a whale-focused token, these investors tend to have a lot of influence over price action.

Additionally, the meme coin also observes conviction at the hands of its retail investors. Active addresses by profitability highlight whether the investors that are participating on the network are in, at, or out of the money.

Read More: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Shiba Inu Active Addresses by Profitability.
Shiba Inu Active Addresses by Profitability. Source: IntoTheBlock

This would substantiate further increases in the meme coin’s price.

SHIB Price Prediction: Bullish Signals Take the Front Stage

After recovering by more than 28%, Shiba Inu’s price reclaimed the support of $0.00003000. Based on the aforementioned factors, it is expected to bounce off this support and rally.

The Moving Average Convergence Divergence (MACD), a trend-following momentum indicator used to identify bullish and bearish trends, is also at the cusp of signaling a bullish crossover.

This would signal that SHIB is poised to climb the charts and tag the year-to-date highs of $0.00003599. Breaching this would establish new 2024 highs for SHIB.

SHIB/USDT 1-day chart.
SHIB/USDT 1-day chart. Source: TradingView

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

However, if the support of $0.00003000 is lost, the meme coin will potentially fall to $0.00002855. Losing this would invalidate the bullish thesis and send the price below $0.00002500.

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In conclusion, Shiba Inu (SHIB) experienced a period of corrections and recovery, leading it to a crucial price point that could potentially rally the meme coin. Despite a 30% correction at the beginning of the month, large wallet holders continued to accumulate SHIB, adding $337 million worth of the token to their holdings. With a significant focus on whale investors and active retail participants, SHIB’s price is influenced by market sentiment and investor conviction. Technical indicators, such as the Moving Average Convergence Divergence (MACD), suggest a bullish trend for SHIB, with a potential rally to new 2024 highs if key support levels are maintained.

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  • shiba-inuShiba Inu (SHIB) $ 0.000020
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