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Dog-themed cryptocurrency Shiba Inu (SHIB) The stock rebounded sharply in Friday's trading session after four days of losses, bouncing off a key support level. The Shiba Inu coin rebounded to $0.0000185, a level near the 200-day simple moving average (SMA), as traders rushed to buy the dip.
The recovery highlights the importance of the $0.0000185 level, which appears to have served as a starting point for the recent rally. This area proved important as a point where buyers intervened to defend the SHIB price.
The recovery saw SHIB's price rise to highs of $0.000024 in Saturday's session before pulling back slightly. At the time of writing, the Shiba Inu is trading at $0.000022, up 11% over the past 24 hours.
The broader cryptocurrency market is showing signs of recovery after Friday's sell-off, with Bitcoin and Ethereum also posting gains. The Shiba Inu's sharp recovery is consistent with this trend.
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Additionally, on-chain data suggests accumulation by large holders, or “whales,” who may have been buying SHIB at a discount during the decline.
According to IntoTheBlock DataShiba Inu large equity holder flows, which track the money going to whale addresses, suddenly rose 824%, from 1.9 trillion shiba on December 19 to 7.72 trillion shiba on December 20.
What's next for Shiba Inu price?
like Shiba Inu If its recovery continues, the market will closely monitor key support and resistance levels. The ability to break above the daily 50 simple moving average at $0.0000252 could indicate a continuation of the uptrend, which could lead to further gains.
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A decisive break above this level could pave the way for SHIB to target the $0.000033 high. Conversely, failure to break above the 50-day SMA could lead to SHIB pulling back to retest the $0.0000185 support range.
Market sentiment remains cautious, with traders closely monitoring the Shiba Inu's price action to see where it goes next after the recent massive sell-off. A breakout may indicate further upward momentum, while a rejection may lead to consolidation or a retest of support.
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