Whale Adds 378.74 Billion Shiba Inu in 3 Days, Good Time To Buy The Dip?
April 07 2023 - 5:10AM
NEWSBTC
While Shiba Inu continues to fail to break the key resistance level
of $0.00001152 on the 1-day chart, one of the largest SHIB whales
is taking the opportunity to buy the dip. As reported by crypto
tracking service WhaleStats, the unknown grand owner of Shiba Inu
with the synonym “BlueWhale0073” has continued his buying spree
over the last three days. Yesterday, “BlueWhale0073” acquired
148.78 billion SHIB worth around $1.65 million in a single
transaction. Just a short time earlier, on April 4 the 254th
largest Ethereum whale bought 229.96 billion SHIB worth around
$2.58 million, as reported by WhaleStats. The total number of Shiba
Inu bought by the whale in the last 72 hours has thus reached the
eye-popping number of 378.74 billion SHIB worth $4.23 million.
Nevertheless, the buying pressure from the unknown SHIB investor
has not been enough to move SHIB upward against the market trends.
Nevertheless, Ethereum whales continue to believe in a rising price
of SHIB. In their last update at the end of March, WhaleStats
reported that SHIB remains by far the most popular investment next
to stablecoins among ETH whales. Related Reading: Shiba Inu
Fundamentals Look Strong, When Will SHIB Price Follow? The top 2000
ETH whales hodl a total of $606.55 million in SHIB. Coming in
second by a wide margin is MATIC, in which whales poured $167.71
million. It is followed by BEST ($155.92 million), LINK ($149.43
million), CHSB ($131.74 million) and UNI ($96.22 million) Can Shiba
Inu Continue Its Upward Trend? After Shiba Inu experienced an
extremely powerful early-year rally that saw price rise from
$0.00000802 to as high as $0.00001588 on February 4, the price fell
back down by mid-March. After reaching the high, the buying
pressure was not enough to keep propelling the SHIB price higher.
However, since the local low on March 10 at $0.00000965, the Shiba
price has been able to form an uptrend again. SHIB has formed an
ascending triangle in the 1-day chart, which is one of the
consolidation formations. This means that the previous trend
direction could be resumed after a consolidation phase. Currently,
the price of $0.00001151 acts as a horizontal resistance line. SHIB
has failed to break this crucially important resistance in seven
attempts so far. Related Reading: Shiba Inu: Market Stability At
Pivotal Point As Buyers Hold Strong At This Level However, the
buyers are still stronger than the sellers as higher lows are
currently being formed. Due to the market-wide retracement, SHIB
has lost momentum again in the last two days, but continues to form
higher lows. Thus, the uptrend remains intact. For a breakout from
the triangle, it needs an increasing trading volume. If the
breakout occurs under low volume, it may be a false signal, as some
of the last attempts showed. Featured image from Coin Cloud, chart
from TradingView.com
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