Shiba Inu price rallies 15%, but the dog smells like a smart money trap

Shiba Inu Price surges 15% during the London session.
The Volume Profile Indicator shows an influx of transactions pouring in on intra-hour time frames.
A daily close above $0.00001700 would add more confidence that the uptrend spike is a genuine start of the next rally.

Shiba Inu price makes an impressive recovery on Thursday, August 25. Still, investors should apply caution to avoid getting lured into a trap.

Shiba Inu price shows applaudable efforts.

Shiba Inu price has shown a significant increase in volatility since the start of the London session on Thursday, August 25. Since the opening bell, the notorious meme coin has rallied by 15%. The bullish surge is certainly eye candy for sidelined investors as market sentiment shows considerable optimism amidst Biden's Debt-Relief program.

Shiba Inu currently auctions at $0.00001471 as an influx of volume pours in on smaller time frames. The self-proclaimed Doge-killer may continue to provide profitable opportunities to day traders. Still, long-term investors should be wary of getting lured into buying the SHIB price before the daily settlement. A daily close above $0.00001700 would add more confidence that the uptrend spike is a genuine start of the next rally.

SHIB/USDT 1-Hour Chart

Santiment's on-chain analysis tools confound the call for caution. Specifically, the total amount of SHIB tokens on all exchanges remains unhinged throughout the summer. At currently 144 trillion tokens, the SHIB price remains highly susceptible to whale influence as prices witnessed a 90% decline from all-time highs while the SHIB price was at 148 trillion tokens on exchanges. The 10% deduction of tokens from exchanges may not be enough to prevent a Smart Money heist of the notorious meme token.

Santiment's Price, Volume and Supply on Echanges Indicator

In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram