Read full article at Coingape.

Shiba InuShiba Inu

Shiba Inu ($SHIB) is currently on the path to recovery after a major price correction last Thursday. The altcoin which surged nearly 350% last week saw its momentum broken by Thursday after it failed to get past $0.000035. $SHIB price retraced to sub $0.00020 levels after falling through the key support of $0.000022. The altcoin has recovered since then and currently trading above $0.000027 with weekly gains still above 200%.

Shiba Inu
Source: TradingView

The massive price correction was also attributed to the largest whale dump in 6-months. Santiment data indicated that whale addresses with 1 million to 10 million $SHIB in their wallet collectively dumped 31.07 billion Shiba Inu tokens on the market. However, the weekend brought bullish momentum to the altcoin and the market is rebounding again.

Source: Santiment

Shiba Inu Needs to Breach $0.000035 to Retest ATH

The key resistance for Shiba Inu lies at the $0.000035 mark and if it manages to get past it, then the ATH of $0.0000388 is just a rally away. The altcoin woke from a long price slumber after nearly 5-months and now looks set to pull what Dogecoin (DOGE) did in the first quarter of this year as it rose to top-5 cryptocurrency by market cap. $DOGE is currently 67% down from its ATH and yet it’s over 5,000% up on the year-to-date market gains.

Shiba Inu in its recent price rally helped by the leverage market has gained over 300% in the first three days of last week which skyrocketed its market cap to over $13 billion making it the world’s 12th largest crypto leaving behind the likes of Litecoin ($LTC) and Chainlink ($LINK). A break above the current price barrier could help Shiba Inu not only retest its ATH but also enter in price discovery mode that could send its price soaring.

The post Shiba Inu Recovers From 31.07 Billion Token Dump, Can $SHIB Price Touch ATH? appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.