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Shiba Inu Recovers From 31.07 Billion Token Dump, Can $SHIB Price Touch ATH?

Shiba Inu


Shiba Inu ($SHIB) is currently on the path to recovery after a major price correction last Thursday. The altcoin which surged nearly 350% last week saw its momentum broken by Thursday after it failed to get past $0.000035. $SHIB price retraced to sub $0.00020 levels after falling through the key support of $0.000022. The altcoin has recovered since then and currently trading above $0.000027 with weekly gains still above 200%.

Source: TradingView

The massive price correction was also attributed to the largest whale dump in 6-months. Santiment data indicated that whale addresses with 1 million to 10 million $SHIB in their wallet collectively dumped 31.07 billion Shiba Inu tokens on the market. However, the weekend brought bullish momentum to the altcoin and the market is rebounding again.

Shiba Inu
Source: Santiment

Shiba Inu Needs to Breach $0.000035 to Retest ATH

The key resistance for Shiba Inu lies at the $0.000035 mark and if it manages to get past it, then the ATH of $0.0000388 is just a rally away. The altcoin woke from a long price slumber after nearly 5-months and now looks set to pull what Dogecoin (DOGE) did in the first quarter of this year as it rose to top-5 cryptocurrency by market cap. $DOGE is currently 67% down from its ATH and yet it’s over 5,000% up on the year-to-date market gains.

Shiba Inu in its recent price rally helped by the leverage market has gained over 300% in the first three days of last week which skyrocketed its market cap to over $13 billion making it the world’s 12th largest crypto leaving behind the likes of Litecoin ($LTC) and Chainlink ($LINK). A break above the current price barrier could help Shiba Inu not only retest its ATH but also enter in price discovery mode that could send its price soaring.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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