Shiba Inu (SHIB) started March with an uptrend, hitting a yearly high. However, the rally was short-lived. Currently, the meme coin is trading at a critical level, but the actions of whales and retail investors suggest a positive scenario unfolding.
Whales bought the Shiba Inu dip Although the price of Shiba Inu corrected by more than 30%, it did not deter large holders. According to data from the Santiment analytical platform, whales accumulated over 11 trillion SHIB worth about $337 million in March. Retail investors also maintain confidence in the asset. Currently, over 80% of meme coin holders are at breakeven and seemingly have no plans to sell tokens, anticipating price growth. SHIB Price Forecast: Technical indicators signal bullish momentum After recovering by more than 28%, the price of Shiba Inu reached the $0.00003000 support level. Based on the aforementioned factors, the meme coin may rebound from it and initiate a new rally. The Moving Average Convergence Divergence (MACD), an momentum indicator used to determine bullish and bearish trends, is also on the verge of a bullish crossover. This indicates that SHIB is gearing up for a new surge and potentially could retest the yearly high of $0.00003599. However, if the $0.00003000 level doesn’t hold, the altcoin may decline towards the nearest support at $0.00002855 or even $0.00002500.