Shiba Inu coin price settled to a crucial support level as smart money and whale investors resumed their accumulation.
Summary
- Shiba Inu coin price has settled at an important support level.
- Whales and smart money investors have continued to accumulate the token.
- The supply of SHIB tokens on exchanges has plunged this year.
Shiba Inu (SHIB) coin was trading at $0.00001225, down by 25% from its highest point in July. It has also plunged by over 63% from its highest point in November last year.
Whales and smart money investors are buying SHIB
Shiba Inu price could be on the verge of a bullish breakout if it overcomes some major risks, including falling burn rate and the deteriorating activity in the Shibarium network.
There are signs that whale and smart money investors anticipate it to bounce back this month. Nansen data shows that whales have boosted their holdings to 12.12 billion coins, up sharply from the August low of 11.8 billion.
Another report showed that smart money holdings have jumped by 86% in the last 30 days to 11.70 billion coins. Their holdings have soared from last month’s low of 6.8 billion tokens.
Whale investors and smart money are the most influential players in the crypto industry. Whales are large individuals or institutions that hold significant tokens, while smart money investors are those who have a track record of executing profitable trades.
Coinciding with this activity is the fact that investors are not selling their SHIB coins. Data shows that the supply on exchanges has dropped to 282.7 trillion, much lower than the August high of 289 trillion. Falling exchange balances signal that investors are not selling and that they expect it to rebound.
Shiba Inu coin price analysis
The daily timeframe shows that the Shiba Inu price has come under pressure in the past few days, moving from a high of $0.000016 in July to $0.00001220.
The current price is important because it coincides with the ascending trendline that links the lowest swings since April last year. That is a sign that bears are cautious about shorting it below that level.
Therefore, the coin will likely rebound and possibly retest the important resistance point at $0.00001600, up by 32% above the current level.
