Shiba Inu market value increases by almost 30% since bottoming in March
Shiba Inu (SHIB) once again disrupted the crypto market with a strong comeback in March. Since its lowest trading point in March, SHIB has gained about 30%, which caused a reaction Instantly whales began actively transferring their money.
Shiba Inu comes back with a massive 30% spike in March, whales’ transactions increase by 349%
As the Shiba Inu chart shows, the asset is currently up 25% over the past two weeks, suggesting that risk-on bias has returned to the market. We should also note that SHIB trading volume also experienced a large spike on March 28, which was the most intense day of trading in the past month.
Also worth noting is that the number of large trades done by whales has increased by almost 350%, which is a staggering number for a relatively small-cap altcoin like Shiba Inu. Although there is no massive buying power, it is very likely that the whales are redistributing funds to sell or buy more SHIB.
Previously, since there was hardly any kind of volatility on the Shiba Inu token, it was relatively difficult to use various technical analysis tools; therefore, the majority of market participants cannot properly use this method of predicting and analyzing price movements.
But thanks to increased volatility, indicators like the Relative Strength Index and Moving Averages have become useful again. Shiba Inu spike in volatility was followed by a tightening of various moving averages, including 50- and 200-day lines.
SHIB/USD 4-hour chart | Source: TradingView
As for the RSI, the indicator’s value reached 65, which puts the token close to the “overbought zone,” which quite often becomes a reason for a price reversal. At press time, Shiba Inu trades at $0.00002759 with a 4% price increase in the last 24 hours.
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