• 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 fu

Go to Source to See Full Article
Author: Aniket Verma

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