SHIB looks to a better February after losing 14.50% in January
- Whale transactions spiked in recent days despite price declines.
- The number of longs for SHIB comprehensively overtook shorts at press time.
Shiba Inu [SHIB] fell 2.6% over the last 24 hours of trading, as the second-largest meme coin project’s woes continued in January.
The dog-themed token barely moved in the last week, and it has lost 14.5o% of its value since the beginning of the year, AMBCrypto noted using CoinMarketCap data.
While these numbers don’t evoke much optimism, the state of the broader market needs to be taken into consideration.
Most coins have been in the red this month owing to a downturn induced by outflows from Grayscale Bitcoin Trust.
In fact, SHIB was slightly better off when compared to other meme coins. AMBCrypto noted that SHIB was the only meme coin project that didn’t register weekly drops at the time of publication.
Is a recovery on the cards?
SHIB traders could take heart from a recent bullish prediction made by popular technical analyst Ali Martinez.
Martinez spotted a buy signal while analyzing the TD Sequential indicator, which made him optimistic about a SHIB bounce in the days to come. He predicted,
“Keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011.”
AMBCrypto investigated further and found some complementing data using Trading View. The Relative Strength Index (RSI) was slowly ascending towards the neutral 50 level, a sign of easing sell pressure.
Additionally, the Moving Average Convergence Divergence (MACD) line crossed over the signal line, interpreted as a buy signal by most analysts and traders.
Source: Trading View
Whales sense profits
It looked like SHIB whales also arrived at bullish forecasts for the meme coin.
Despite the price decline, large transactions worth more than $100K spiked in the last four days, according to AMBCrypto’s analysis of Santiment data.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
As evident, the transactions resulted in an increase in the addresses belonging to whale cohorts. This implied that whales were stockpiling in pursuit of future gains.
Source: Santiment
The number of longs for SHIB comprehensively overtook shorts as of this writing, as per Coinglass. This further proved that traders were gunning for a better February.
Source: Coinglass
