Shiba Inu (SHIB) Holders’ Accumulation Could Trigger Recovery

full version at beincrypto

Shiba Inu’s (SHIB) price drop has raised enough concern among investors, and the altcoin is looking to change this.

The meme coin could note recovery if the investors stick to their current behavior and push on.

Shiba Inu Investors Add, Not Subtract

Shiba Inu’s price is reeling from the recent decline, which has led to losses and sales. As a result, the Relative Strength Index (RSI) recently dipped into the oversold zone, a technical indicator that suggests the cryptocurrency may be undervalued at current levels.

Historically, such a position on the RSI is often a precursor to price recoveries. When an asset’s RSI falls below the 30 mark, it typically indicates that selling pressure has been overextended, and a potential reversal or rebound could be on the horizon.

Investors and traders who monitor RSI levels closely may view this as a buying opportunity. Anticipating that the market will correct itself as it moves back into more balanced territory.

Shiba Inu Supply on Exchanges. Source: Santiment

In addition to the favorable technical indicators, Shiba Inu (SHIB) holders have shown remarkable dedication in supporting the cryptocurrency’s price. Over the past ten days, there has been significant accumulation activity.

SHIB holders, reflecting their commitment to reversing the recent downtrend, have added close to 3 trillion SHIB in the last ten days. Such heavy accumulation suggests a strong belief in the asset’s long-term potential and resilience.

Shiba Inu RSI. Source: TradingView

The collective action of these dedicated holders could play a crucial role in stabilizing Shiba Inu’s price and fostering a recovery.

SHIB Price Prediction: Making a Huge Jump

Shiba Inu’s price has already dipped below $0.00002000, trading at $0.00001762 at the moment. The next crucial support lies far below at $0.00001473. Whether SHIB holders’ bullishness manages to initiate a recovery from the current price or after a bounce back from the latter support floor is a matter of concern.

However, once it does, flipping $0.00002093 is key, enabling the meme coin to climb back up into the consolidation zone of $0.00002267 and $0.00002584.