Shiba Inu (SHIB) Recovers From Downtrends, Preparing Massive Rally
- 56% of SHIB holders suffer losses from Shiba Inu’s current price.
- The meme coin saw its price crashing by more than 70% from its ATH, translating to losses for holders.
- Shiba Inu recovered from the plunge, kick-starting a recovery with 3% overnight gains.
- Experts forecast SHIB has a bullish outlook that can lead to massive upswings.
Shiba Inu (SHIB) price dropped amid the latest bloodbath in the altcoin market as Bitcoin endured downtrends. Nevertheless, the meme coin has recovered and launched a recovery within the past 24 hours.
SHIB Price Ready for Massive Rally
According to data from IntoTheBlock, a cryptocurrency intelligence firm, few SHIB holders remain profitable at the token’s current price. Though the latest recovery, Shiba Inu holders suffer from the asset’s losses.
The Dogecoin competitor stands 70% lower from its record high. IntoTheBlock evaluates traders’ wallets with SHIB balance and the token’s average price. Comparing the current price to the buying one shows profitability by SHIB holders.
Shiba Inu holders become underwater when the average SHIB purchasing price is higher than the current one. IntoTheBlock reveals that 70% of Shiba Inu holders are underwater.
The platform monitoring activity by large wallet investors WhaleStats noted 1,000 no-exchange ETH whales. The whales control SHIB tokens worth almost $1.5 billion.
Meanwhile, analysts analyzed SHIB price trends and trusted the canine-themed token stands within a buy zone. @AltcoinSherpa, a tweet crypto expert, believes recoveries in Bitcoin price will see retail investors accumulating the dog coin.
FXStreet experts trust that SHIB is in an oversold region. They have forecasted a potential relief rally for the meme token, eyeing high levels of $0.000078.
Though SHIB presents a recovery, most asset holders are at a loss. Shiba Inu bulls should step up for steady uptrends for the canine-themed asset. The broad market sentiment is vital for SHIB’s directional bias.
Meanwhile, the crypto space flashes bullishness at the moment. Bitcoin noted upticks over the past day, trading at $42,742 during this publication. The world’s largest crypto might jump to the $45,000 – $50,000 range by keeping the current upswings. That would translate to bullishness in the altcoin market, pushing SHIB higher.