Shiba Inu Whales Snap Up 10T SHIB, Prices Chalk Out Descending Triangle Pattern
Shiba Inu (SHIB) experienced a significant price rebound this week, recovering from a 16-month low of $0.00001005. This surge follows a substantial accumulation of SHIB tokens by whales. CoinDesk’s AI research reveals that whales purchased over 10.4 trillion SHIB, valued at more than $110 million, on Monday—the largest daily accumulation in five months. This activity likely contributed to the cryptocurrency’s 17% price increase from its recent low.
The broader crypto market also showed signs of stabilization after initial reactions to geopolitical tensions subsided. Bitcoin (BTC), which dipped below $100,000 over the weekend, recovered to trade near $106,000. SHIB’s price action presents a generally constructive outlook. The formation of higher lows indicates a subtle uptrend channel, suggesting underlying accumulation.
Significant volume support emerged around $0.00001158 between June 24th, 09:00 and June 25th, 08:00. Trading volume surged to 439 billion during this period, significantly exceeding the daily average. This accumulation at support levels strengthens the potential for further upward momentum, contingent on a decisive break above the $0.00001175 resistance level.
At the time of writing, SHIB traded around $0.00001162 on major exchanges. A short-term analysis of the hourly chart reveals a brief but notable price increase between 07:06 and 08:05 on June 25th, reaching a session high of $0.00001175. This rally, however, encountered resistance and subsequently consolidated.
Since Tuesday, SHIB’s recovery has stalled, forming a descending triangle pattern. This pattern, characterized by a falling trendline and a horizontal support line, presents a period of consolidation. A decisive break above the descending trendline could signal a continuation of the upward trend, potentially targeting the June 16th resistance level above $0.00001230. Conversely, a breakdown below the triangle’s support would suggest a bearish reversal. The current price action underscores the importance of monitoring key resistance and support levels for determining the near-term direction of SHIB’s price.
