Shiba Inu Whales Accumulate 10.4 Trillion SHIB Amid Price Drop
Shiba Inu (SHIB) whales increased their holdings after prices fell to a 16-month low of $0.00001005 early this week.
- Whales acquired 10.4 trillion SHIB tokens valued at over $110 million on Monday, marking the largest daily accumulation in five months.
- This activity contributed to a 17% price recovery from the low reached on Sunday.
- The broader crypto market stabilized following recent tensions in the Middle East; BTC is trading around $106,000 after dropping below $100K.
- SHIB is showing signs of an uptrend with higher lows and significant volume support at $0.00001158, with trading volume reaching 439 billion.
- Continued upside potential exists if SHIB can break through the $0.00001175 resistance level.
Key AI insights
- Formation of a subtle uptrend channel indicates accumulation and potential for upward momentum if resistance is cleared.
- SHIB recorded a 0.2% gain from $0.00001169 to $0.00001171 within one hour on June 25.
- A peak volume of 12.36 billion SHIB occurred as prices reached $0.00001175 during a brief surge.
- A sharp correction tested the $0.00001171 support level, indicating possible consolidation after the rally.
Hourly chart
Since Tuesday, SHIB's recovery has stalled, forming a descending triangle pattern.
A breakout through the descending trendline may signal a continuation of the recovery, targeting resistance above $0.00001230. A breakdown could suggest a bearish reversal.