In March, Shiba Inu came back with a strong comeback. Since the lowest trading point in March, SHIB has gained around 30%, which caused an immediate reaction among whales.
The asset is currently moving in a 25% rally for the last two weeks, which shows that risk-on tendencies have returned to the market. The day the most intense trading in the last month was on March 28, when the volume of trading on the SHIB spiked.
The number of large transactions made by whales increased by 350% which is a mind-blowing number for a relatively small-cap altcoin. Despite the lack of buying power, whales are most likely redistributing funds to sell or buy more SHIB token.
Shiba Inu technical indicators
Most market participants were unable to use this method of price movement prediction and analysis due to the lack of any kind of volatility on Shiba Inu token.
The Relative Strength and Moving Averages became useful again thanks to increased volatility. The data shows that Shiba Inu’s spike in volatility was followed by the tightening of moving averages.
The token is close to the “overbought zone,” which is a reason for a price reversal, if the RSI reaches 65. The price of Shiba Inu went up 4% at $0.00002759 in the last 24 hours.
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