Should you buy Shiba Inu (SHIB/USD) as whale accumulation intensifies?
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Shiba Inu has recovered 11% in a week.
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Shiba Inu token has witnessed increased activity amid improving altcoin sentiment.
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SHIB is still bearish and could remain vulnerable to $0.0000075.
Shiba Inu (SHIB/USD) large investors are defiantly transacting the token against the prolonged bear market. November 28 WhaleStats data showed that SHIB was among the top 10 cryptocurrencies by trading volume among the biggest Ethereum whales. IntoTheBlock data also showed that large transactions on the Shiba Inu network had increased by 141% in the last 24 hours.
A spike in trading volumes and transactions indicates traders are buying or selling SHIB aggressively. However, a price outlook of SHIB shows the cryptocurrency has gained an intraday of 2.24% and 11% in a week. It suggests that large investors could, in fact, be buying the meme cryptocurrency.
The whale activity on Shiba Inu comes when Santiment data shows growing interest in altcoins. According to the data, Euphoric sentiment has hit a 3-month high for altcoins. As CoinJournal reported, Dogecoin was leading the surge on Musk news. The gains in SHIB reflect the improved sentiment, with the meme cryptocurrency known to follow DOGE moves.
SHIB price outlook and analysis amid weekly recoveries
On the technical side, the SHIB price is still in a bear market. The MACD indicator has initiated a bullish crossover but remains bearish. The RSI reading of 45 is well below the midpoint.
Besides, recent recoveries have taken SHIB to slightly above $0.000009. However, bulls are yet to recapture important levels. We consider a bearish view for SHIB in the short term.
When to buy SHIB?
SHIB price remains vulnerable as long as buyers do not recapture $0.000012. The level is the established resistance and a focal point for the SHIB trend pivot.
Even as the price recovers slightly, the upside is weak, meaning sellers could try to push the token lower again. In a bear scenario, SHIB could find support at $0.0000075. This is the same low as June before the cryptocurrency initiated a recovery.
Where to buy SHIB
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
