Shiba Inu (SHIB) starts to emerge amidst recent trends in the cryptocurrency market. Analysts note potential signs of a reversal, sparking renewed interest in the asset.
Bear Market Exhaustion Signals a Possible Turning Point
Crypto analyst 'Cantonese Cat' shared his view that sell pressure on Shiba Inu has significantly decreased. In his opinion, the bearish grip restraining SHIB's price for months might soon be broken. He emphasizes that current market activity suggests holders are not offloading their positions, indicating low sell-side volume. Shiba Inu has endured a prolonged downtrend since March 2024, losing approximately 77% of its value; however, a reduction in selling activity is optimistic.
Whale Activity Reflects Growing Confidence
On July 10, on-chain data indicated that major Shiba Inu holders controlling at least 0.1% of the total supply purchased 1.81 trillion SHIB tokens. This marks a 422% increase in accumulation compared to the previous day and a remarkable 1,247% rise from one month earlier. Despite 1.28 trillion SHIB being withdrawn from large wallets, the net inflow remains positive, suggesting ongoing accumulation.
Price Outlook from Analysts
Although Cantonese Cat did not specify a price target for Shiba Inu, other analysts presented their forecasts. 'SHIB Spain' indicated that SHIB could soon surpass the $0.000018 mark, while 'Crypto Candy' describes SHIB's current chart as bullish, highlighting several price milestones. However, some market participants express doubts about the long-term prospects of meme-based tokens.
Regardless of skepticism, the sharp decline in selling activity combined with a noticeable surge in whale accumulation indicates renewed confidence in the asset.
