Shiba

Ethereum

bullish

Shiba Inu

Daily

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Dog-themed cryptocurrency <a href="https://u.today/shiba-inu-whales-make-279-trillion-shib-move-whats-next-for-price" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> rebounded sharply in Friday's trading session after four days of losses, bouncing off a key support level. Shiba Inu rebounded upon reaching $0.0000185, a level near the daily 200-day Simple Moving Average (SMA), as traders rushed to buy the dip.
The rebound highlights the importance of the $0.0000185 level, which appears to have acted as a springboard for the recent rally. This area has proven significant as a point where buyers stepped in to defend SHIB’s price.
The recovery saw SHIB's price climb to highs of $0.000024 in Saturday's session before slightly pulling back. At the time of writing, Shiba Inu was trading at $0.000022, up 11% over the last 24 hours. <img src="https://u.today/sites/default/files/inline-images/21122024%202222.png" data-entity-uuid="acc947a4-9caa-409f-93e1-48041475de8e" data-entity-type="file" alt="TradingView" data-caption="<a href=&quot;https://www.tradingview.com/x/xLlT0aMD/&quot;>SHIB/USD Daily Chart, Courtesy: TradingView</a>">
The broader cryptocurrency market is showing signs of recovery after Friday's massive sell-off, with Bitcoin and Ethereum also posting gains. Shiba Inu’s sharp rebound aligns with this trend.
Additionally, on-chain data suggests accumulation by large holders, or "whales," who might have been buying up SHIB at a discount during the dip.
According to IntoTheBlock <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a>, Shiba Inu large holder inflows, which track funds going into whale addresses, suddenly skyrocketed 824%, from 1.9 trillion SHIB on Dec. 19 to 7.72 trillion SHIB on Dec. 20.
<h2 id="what-s-next-for-shiba-inu-price">What's next for Shiba Inu price?</h2>
As <a href="https://u.today/85-trillion-shib-might-be-activated-if-shiba-inu-makes-this-move" rel="noopener noreferrer nofollow">Shiba Inu</a> continues its recovery, the market will be closely monitoring key support and resistance levels. The ability to break through the daily SMA 50 at $0.0000252 could signal a continuation of the upward trend, potentially leading to further gains.
A decisive break above this level could pave the way for SHIB to target the $0.000033 high. Conversely, a failure to breach the 50-day SMA could see SHIB retrace to retest the $0.0000185 support range.
Market sentiment remains cautious, with traders closely monitoring Shiba Inu’s price action to see where it trends next following the recent massive sell-off. A breakout could signal further bullish momentum, while a rejection may result in consolidation or a retest of support. <a href="https://u.today/shiba-inu-skyrockets-12-is-bigger-move-ahead" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Shiba Inu Skyrockets 12%: Is Bigger Move Ahead?

Table of Contents

U_Today

Other articles published on Dec 21, 2024

NOW Wallet Helps Businesses Grow with Secure Storage, Fast Deposits, and Personalized Solutions

Weekly Article Recap: 12/02-12/06

France’s BPCE Group to Enable Crypto Purchases for 35 Million Clients by 2025

Qubetics at $0.0342: Is This the Best Altcoin to Invest in for Short Term Gains? Filecoin and Cos...

Big Moves Coming: XRP’s 1,000% Rally Confirmed, DOGEN Tipped for 100x Growth

Here Are 3 High Rewards Cryptocurrencies To Buy Before January 2025

Join our free newsletter for daily crypto updates!