Over the weekend, Shiba Inu (SHIB) showed signs of a resurgence following a sharp decline at the beginning of October. This renewed interest has left many wondering if the popular meme coin will sustain the positive momentum it had in September.
Currently priced at $0.000018, SHIB’s bounce-back was triggered after testing key Fibonacci levels between September’s lows and highs. Additionally, it appears to be forming a cup and handle pattern since May, suggesting a potential bullish trend dating back to August and September.
September’s performance and the recent uptick in interest indicate that SHIB could continue to break away from its previous bottom range, potentially leading to a substantial gain of over 48% in the coming months. If things unfold as anticipated, SHIB might rise to as high as $0.000027 to complete this pattern.
Whale Activity Boosts SHIB’s Bullish Prospects
One noteworthy factor contributing to SHIB’s bullish momentum is the activity of whales. Recent on-chain data shows a significant increase in large holder inflows, hitting 3.12 trillion SHIB on October 2nd.
On that same day, outflows from large holders reached 2.65 trillion SHIB, signaling a higher demand than selling pressure. Over the last 24 hours, large holders received 172.72 billion SHIB but sent out 363.42 billion SHIB, suggesting a strong buying interest.
With over 1.07 million HODLers, Shiba Inu’s long-term outlook appears optimistic. The steady growth in the number of holders over the past three years indicates a shift towards long-term investment rather than short-term trading.
As the community leans more towards holding rather than trading, SHIB could see further recovery both in the short and long term, reinforcing its potential for sustained growth.