With a big comeback in March, Shiba Inu shocks the bitcoin market once more. According to TradingView, SHIB has recovered roughly 30% from its lowest trading point in March, causing an immediate reaction among whales who began actively shifting their assets.
The Shiba Inu chart shows that the asset has been in a 25% rise for the last two weeks, indicating that risk-on sentiment has returned to the market. We should also mention that SHIB trading volume increased dramatically on March 28, making that day the most active trading day in the previous month.
It’s also worth noting that the number of huge transactions performed by whales climbed by about 350%, which is incredible for a small-cap altcoin like Shiba Inu. Whales are most likely allocating cash to sell or buy additional SHIB coins despite the lack of significant buying power.
Technical markers for Shiba Inus
Previously, it was difficult to apply various technical analysis tools on Shiba Inu tokens due to the lack of nearly any form of volatility; as a result, the bulk of market players were unable to correctly employ this method of price movement prediction and analysis.
However, as volatility increased, indicators like the Relative Strength Index and Moving Averages became more effective. Shiba Inu’s rise in volatility was followed by a tightening of numerous moving averages, including the 50- and 200-day lines, according to data provided by indicators.
The RSI indicator hit a value of 65, putting the token near to the “overbought zone,” which is frequently a reason for a price reversal. Shiba Inu is currently trading at $0.00002759, a 4 percent rise in the previous 24 hours.