Shiba Inu (SHIB) saw a surge in buying interest over the weekend. After a sharp October selloff, SHIB rebounded, climbing to $0.000018, driven by renewed demand. The price recovery started when SHIB retested key Fibonacci levels from September lows to highs.

SHIB Shows Signs of a Bullish Reversal

Since May, SHIB has been moving within a cup and handle pattern. This pattern often signals an upcoming bullish trend. In August and September, SHIB reached what appeared to be the bottom range of this formation. Now, SHIB looks set for a stronger upward move. Analysts believe the memecoin could extend its rally beyond those lows.

September’s performance, along with renewed interest, suggests the cup and handle pattern is still active. If this plays out, SHIB may see a potential 48% gain, with the price possibly rising to $0.000027 in the coming months.

Whale Activity Boosts Shiba Inu’s Momentum

Whale activity has significantly contributed to SHIB’s recent bullish movement. On October 2, on-chain data showed large holders bringing in 3.12 trillion SHIB. During the same period, outflows from large holders hit 2.65 trillion SHIB. This imbalance suggests higher demand than selling pressure, adding to the momentum. Over the past 24 hours, large holders brought in 172.72 billion SHIB while offloading 363.42 billion, again indicating more demand.

Growing Long-Term Interest in Shiba Inu

SHIB’s long-term outlook remains strong. The number of long-term holders, or HODLers, has now surpassed 1.07 million. This figure has grown consistently over the last three years. At the same time, the number of swing traders has been declining, both in the short term and over the last three years. This shift from short-term speculation to long-term holding signals confidence in the cryptocurrency’s future.

If this trend continues, SHIB could see a sustained recovery, supported by both short-term demand and long-term investors.

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