Investors $SHIB hope for a rebound
The analysis of the daily chart SHIB/USD shows that the meme coin has been steadily declining since it broke the ascending parallel channel on July 28. This indicates a loss of bullish strength and an increase in selling pressure in the market.
However, some traders see this decline as a buying opportunity. On-chain data from Nansen shows that whale addresses holding more than $1 million in SHIB are quietly accumulating assets during the downturn. Whales have increased their token holdings by 4% over the past seven days. This shows confidence in the long-term value of SHIB, despite market fluctuations.
Whale activity often inspires retail traders to follow their lead. According to IntoTheBlock, the number of short-term holders who have increased their holding time has grown by 1% over the past seven days.
This indicates growing confidence among investors holding coins for less than 30 days. Thus, the short-term forecast for Shiba Inu becomes bullish.
