Major meme coin Shiba Inu has recorded a 13% decline in value over the past seven days in the broader environment of profitable and bearish market sentiment.
However, while many traders appear to have left their positions, some investors see strategic purchase opportunities and dips that will help trigger Meme Coin’s next leg. But what do you think?
Shibu whales and retailers bet on bounce
SHIB/USD 1 day chart measurements show a steady decline in memecoin as it fell below the parallel pattern rising on July 28th. This breakdown shows bullish loss and suggests that sales pressure has overwhelmed the market.
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However, some traders view this decline as a purchase opportunity. Chain data from Nansen shows that whales hold more than $1 million in shib and are quietly accumulating during the recession. According to the data provider, this large cohort of investors has increased their holdings by 4% over the past seven days.
The increased accumulation of whales suggests increased confidence in Shiv’s long-term value, despite its prices fighting amid the volatility of the market.
Additionally, increased whale activity usually spurs retailers to track retailers. This is exactly what’s happening. According to IntotheBlock data, the number of short-term holders extending their holding time has risen to a modest 1% over the past seven days.
This shows an increase in bullish convictions among investors who hold the coin for less than 30 days. Shib’s short-term outlook will also improve as these holders are responsive to price changes.
So if this group chooses to retain rather than sell, it will be a sign of Shiv’s price stability and short-term recovery.
Shiba Inu Bulls are aiming for a breakout, but the bear is hiding
At press time, SHIB trades for $0.00001235. If whales accumulate continues and retailers maintain their convictions, memecoin can rebound towards a resistance level of $0.00001362 in the short term.
Conversely, if bearish feelings intensify and profit again when you make a profit, Shiv can extend the decline and potentially decrease to 0.00001160.
Post Shiba Inu slides – But whale activity and hadling patterns say that recovery first appeared in Beincrypto.
