Shiba Inu Whale Accumulation, ‘Inside Week’ Candle Offer Hope to SHIB Bulls
Shiba Inu (SHIB) shows signs of recovery, marked by whale accumulation and an “inside week” candlestick pattern. After a significant price drop of nearly 27% since mid-May, reaching a 16-month low of $0.00001005, large investors (“whales”) initiated bargain hunting. CoinDesk’s AI insights reveal that these whales acquired 10.4 trillion SHIB tokens, valued at approximately $110 million.
This accumulation coincided with an 11% price rebound in the week leading up to June 29th, forming an “inside week” candle. This pattern, where the weekly price range is entirely within the previous week’s range, indicates indecision in the market, with neither buyers nor sellers decisively controlling price action. Following a prolonged downtrend, such a pattern often suggests seller exhaustion and potential upward price movement.
Analyzing the 24-hour period from June 29th, 4:00 AM to June 30th, 3:00 AM, SHIB experienced a 4.3% price swing, ranging from $0.00001147 to $0.00001198. The most significant price movement occurred between 9:00 PM and 10:00 PM on June 29th, when SHIB broke out of its consolidation pattern with volume exceeding the average by 5.8 times. This established resistance at $0.00001198, followed by profit-taking and subsequent support at $0.00001160. The 24-hour closing price of $0.00001164 represented a 1.4% gain.
The final hour, from 2:53 AM to 3:52 AM on June 30th, showed a 0.3% decrease from $0.00001167 to $0.00001164. This period featured two distinct phases: a sharp drop to $0.00001056 between 3:17 AM and 3:28 AM, and a recovery attempt peaking at $0.00001165 around 3:45 AM. Volume spikes exceeding 8 million USDT during key reversal points at 3:35 AM and 3:49 AM suggest potential institutional involvement. The overall data indicates a potential shift in market sentiment for SHIB, although further observation is warranted to confirm a sustained upward trend.
