Shiba Inu Rebounds: Will SHIB Escape August-September Lows?

• Why there's more than meets the eye to this weekend's Shiba Inu recovery walk.
• SHIB whales are accumulating as the cup and handle pattern continues to emerge.

Shiba Inu [SHIB] It confirmed renewed interest over the past weekend, after previously embarking on a sharp sell-off at the beginning of October.

Could this be a sign that the popular memecoin will continue to build on the bullish momentum seen in September?

SHIB has recovered to a price of $0.000018 at press time thanks to renewed demand over the weekend.

The rebound began after the price retested the 0.5 and 0.618 Fibonacci levels from the September lows to the September highs.

The price also appears to be moving within a cup and handle pattern that has been forming since May. Why is this important?

Well, August and September showed signs of a possible lower range of the pattern. This also means that the Shiba Inu should technically be in an uptrend for over a month.

Its September performance coupled with signs of renewed interest suggest that the cup and handle pattern remains in place and that SHIB may continue to widen the gap with the lower August/September range.

Based on the valuation, the Shiba Inu could make another 48% plus potential gains in the next few months, completing this pattern. This means that SHIB could rise to $0.000027 if things go as expected.

Shiba Inu whales are contributing to the bullish momentum

SHIB resumed bullish momentum very strongly over the weekend, thanks to whale activity. On-chain data revealed that significant holder inflows peaked at 3.12 trillion SHIB on October 2nd.

Outflows to large holders peaked at NIS 2.65 trillion on the same day, underscoring higher demand compared to selling pressures.

Large holders had 172.72 billion SHIB flowing into their addresses in the past 24 hours. The same category of owners had 363.42 billion SHIB flowing from their addresses.

This was nearly half of the inflows, meaning demand was higher than selling pressure.

The Shiba Inu's long-term outlook also remains bullish, and for good reason. The cryptocurrency now has over 1.07 million HODLers. This number has been growing steadily and strongly in the past three years.

Shiba Inu reading [SHIB] Price forecasts 2024-2025

The number of cruiser or swing traders has decreased in the past three months, and the same is true for the past three years. This confirms the increasing focus from short-term investment to long-term investment in memecoin.

Therefore, the Shiba Inu may continue to experience a strong recovery in the short and long term if this trend continues.