SHIB Price Stays Above $0.05 Amid Dip

Shiba Inu holds strong as the crypto market dips and SHIB price stays above $0.05. why?

Shiba Inu (SHIB) is experiencing a positive turnaround, with the aggressive sell-off in its ecosystem gradually fading. Current data from CoinMarketCap indicates that Shiba Inu is trading at $0.000009605, showcasing a balanced growth rate that signals a convergence of actions between market bulls and bears. The trading volume for Shib price is showing signs of improvement, with a 1.3% uptick to $108,181,442 within the last 24 hours. On-chain insights suggest that the token is on the verge of a shift towards the bullish zone, contingent upon increased momentum from the bulls, particularly in response to existing whale activity.

Examining the daily chart, Shiba Inu's Relative Strength Index (RSI) registers at 46, positioning it in the neutral zone. The potential for a shift in direction is evident, with the RSI susceptible to change through additional buying activity. Furthermore, the Moving Average Convergence Divergence (MACD) indicator indicates a promising outlook, as the MACD line shows signs of crossing above the signal line, signaling a potential push for new highs soon.

Shiba Inu (SHIB) Surges 551% Amidst Whale Activity!

Shiba Inu (SHIBUSD), the dog-themed cryptocurrency, is experiencing a remarkable surge in its whale activity indicator. This indicator, reflecting substantial transaction volume by large holders, reveals a staggering 551.43% increase in the volume of transactions exceeding $100,000. According to data from IntoTheBlock, Shiba Inu's large transaction volumes catapulted from 902.36 billion SHIB on Jan. 14 to an impressive 5.9 trillion SHIB. Such a surge in large transactions, involving a transfer of more than $100,000, often signifies significant activity among whales, indicating substantial movements in buying or selling.

 In the past 24 hours alone, Shiba Inu has witnessed $56.45 million worth of SHIB in large transactions, equivalent to 5.9 trillion SHIB in the crypto realm. The reported on-chain transaction volume for the last 24 hours stands at 6.61 trillion SHIB, highlighting the substantial momentum within the Shiba Inu cryptocurrency.

SHIB Price Action

As of the latest update, Shiba Inu (SHIB), currently holding the 17th position in the crypto news market by market value, is trading at $0.00000964, indicating a marginal 0.12% loss in the past 24 hours. The broader cryptocurrency market has been facing downward pressure following the introduction of spot exchange-traded funds (ETFs) in the United States last Thursday, impacting SHIB as well, leading to an additional zero being appended to its crypto price.

Despite this recent dip, SHIB maintains a positive weekly trend, boasting a 3.77% increase over the last seven days. Looking ahead, the bullish challenge is to overcome the daily Moving Average 50 (MA 50) barrier at $0.0000099, a feat that could potentially eliminate another zero from SHIB's price.

However, in the face of sustained declines, SHIB may find substantial support around $0.0000085. Notably, this level has served as a resilient bounce-back point twice already in January. The cryptocurrency market's trajectory remains dynamic, with SHIB enthusiasts closely monitoring these critical price levels for potential shifts in market sentiment.

Shiba Inu's Market Performance

Since January 11, the second-largest meme cryptocurrency, SHIB, experienced a nearly 9% decline, reentering the US$0.00000956 range and adding an extra zero to its price. Today, the meme-inspired coin managed a 2.03% rise, partially mitigating the earlier significant drop. SHIB's downturn paralleled Bitcoin's fall, coinciding with the SEC's approval of spot Bitcoin ETF applications after years of anticipation and debate.

This regulatory development triggered a broader market reaction, influencing SHIB and contributing to its recent price fluctuations. As the cryptocurrency landscape continues to react to regulatory shifts, SHIB investors navigate a market impacted by both its meme status and broader industry dynamics.