A closer look at Shiba Inu’s [SHIB] charts reveal this

The crypto market is running hot, and the Shiba Inu coin [SHIB] is no exception. After a dull market momentum last month, these meme-coin has again managed to steal the spotlight from industry big-shots such as Bitcoin [BTC] and Ethereum [ETH]. As a matter of fact, its social dominance is second to the king coin. Needless to say, different bullish narratives are now at play with regard to the coin.

SHIB so emerged as the top 10 trending coins in Asia this month. FOMO-driven emotions have led the asset to jaw-dropping gains in a little over a year. Despite piggybacking on the hype attached to Dogecoin [DOGE], SHIB has managed to surpass several assets on its way and even outperform the former. However, it has retraced its steps back to the press time price of $0.000027. While this was a typical drawdown, a resurgence [dramatic or not] could be in the offing. 

There’s no stopping Shiba Inu [SHIB] whales

Shiba Inu was currently trading near its recently established peak. The prominent crypto-analytic firm Santiment observed that the accumulation by whales continues as the meme-coin poises for a much-anticipated breakout. The dip in price earlier saw significant accumulation which has catapulted the price. Previous trends show that a downtrend in SHIB’s price was followed by whale accumulation and a second leg up. Therefore, market players are expecting a major rally. 

🐳 #ShibaInu is back up to $0.00002885 while the spotlight is back on #Bitcoin and its close-in on its new #AllTimeHigh. But keep an eye on $SHIB's whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow. https://t.co/oeGN85BpXS pic.twitter.com/G9kJopNTHE

— Santiment (@santimentfeed) October 18, 2021

Santiment’s tweet regarding the same read,

“Shiba Inu is back up to $0.00002885 while the spotlight is back on Bitcoin and its close-in on its new All Time High. But keep an eye on SHIB’s whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow.”

Here’s what SHIB investors need to know

After treading in troubled waters, Shiba Inu coin has finally surged back up by over 10% in the last 24-hours. On the 4-hour chart, SHIB’s price has been oscillating within the confines of a symmetrical triangle which could mean a breakout on either side.

But the technicals favored the bulls. The green closing price candles hinted at moving above the 50 moving average [Pink]. If this transpires, all the bearish cues will be invalidated. The 100 [Blue] and the 200 [Yellow] moving averages hovered well below the SHIB price candles firmly supporting the asset from a damaging turn of events.

The Relative Strength Index [RSI] has managed to hold its fort above the 50-median line depicting the dominance of buyers’ in the market. The MACD also demonstrated exhaustion in selling pressure. Additionally, the Awesome Oscillator [AO] flipped green exhibiting an overall bullish market momentum.

All in all, SHIB’s near term price action appears to be optimistic even as the market felt a lingering bearish pressure.