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Cryptocurrency whales are back in action. It has been seen that whales are making purchases from these 2 altcoin projects. The price of Shiba Inu (SHIB), one of the leading memecoin projects, has moved. Whales finally started the trade movement.
Cryptocurrency whales continue their SHIB purchases.
The cryptocurrency market faced challenges for most of 2022. Apart from this, it is seen that some altcoins are making gains. Also, big whales are likely to be involved in the SHIB price action. According to analysts, a higher price is likely to be observed if the dominant descending trendline on SHIB is broken to the upside. According to analysts, a higher price is likely to be observed if the dominant descending trendline on SHIB is broken to the upside.
However, the price is expected to decline before it starts to recover. Then, SHIB is likely to face two additional hurdles at the top. The first area is at $0.00001080 from the 55-day Simple Moving Average (SMA), which is important for most of October. The latter sits at the 200-day SMA, which broke earlier this month and sits at $0.00001180. Markets are reacting amid US inflation and a lower Producer Price Index.
Cryptocurrency analysts argue that the Fed should make more low score announcements. Accordingly, the SHIB price has the potential to rise again.
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