#打榜优质内容# Whale swept 62 billion! SHIB is about to rebound!

This year, the price of Shiba Inu (SHIB) may soon welcome a strong bullish breakout. On-chain data shows that whales are still continuing to buy the token. The number of Shiba Inu on exchanges has decreased in recent weeks. The price has plummeted over the past few months, dropping from a high of $0.00001765 in May to the current $0.00001200. With whale users purchasing over 62 billion tokens, the supply on exchanges decreasing, and the team committing to advancing the Shibarium project, Shiba price chart analysis indicates that a rebound will eventually occur.
The daily chart shows that the price of Shiba Inu has been under pressure for the past few months. Last month, after its second-layer network ShibaSwap was exploited, this pressure intensified. The chart indicates that the SHIB price has dropped to the lower side of a symmetrical triangle formation, and upon closer inspection, it can be seen that the triangle is currently nearing its convergence point, where a rebound may occur.
The Relative Strength Index ( RSI) has begun to move upwards, indicating that the currency is experiencing a turning point. Therefore, the most likely scenario is that the price of SHIB will rebound in October, which historically has been a good month for Bitcoin and other altcoins. If this happens, the initial target price will be $0.00001480, which is the highest level from September 12 of this year. Breaking through this resistance level would mean more gains, potentially reaching the next significant resistance level of $0.00001765, which is the highest level from May, approximately 45% higher than the current level.
One of the reasons why the price of Shiba Inu coin may rebound soon is that whale investors have been buying frantically over the past few weeks. After the whale holdings dropped to the lowest level in months, they started purchasing these coins. Whales currently hold over 101.01 billion tokens, up from a low of 38.4 billion in September. This purchase volume of 62 billion tokens indicates that investors have a highly optimistic attitude towards Bitcoin.
Another on-chain metric shows that the number of SHIB tokens on exchanges has sharply decreased over the past few months. The total amount of SHIB tokens on exchanges is currently 282 trillion, the lowest level in months. The forex balance has plummeted from nearly $300 billion in July, indicating that investors are not selling off even as prices continue to fall.
Another potential catalyst is that the team hopes Shibarium (SHIB) will be able to rebound shortly after recent events. Core developer Lucie pointed out in a recent report that the recent hack exposed vulnerabilities that they are currently working to address. She also noted that although network activity has decreased, there is still a possibility of a resurgence. Lucie added that Shibarium is not finished but is continuously evolving and has become larger than it was before the hack.