Shiba Inu (SHIB) whales have actively accumulated over 10.4 trillion SHIB tokens, worth more than $110 million, following the token's dip to a 16-month low of $0.00001005. This significant whale buying occurred early in the week and marked the largest daily accumulation of SHIB in five months, likely contributing to a 17% price rebound from the recent low.
The token's price action shows a subtle uptrend with higher lows forming an ascending channel and strong volume support around the $0.00001158 level. The trading volume surged to 439 billion SHIB within 24 hours from June 24-25, exceeding the daily average substantially. However, SHIB's recovery has recently stalled, forming a descending triangle pattern, indicating a possible continuation of the rally if resistance at $0.00001175 is broken or a bearish reversal if support fails.
Technical analysis highlights a potential double bottom pattern that could signal a major recovery, possibly driving SHIB up 62% if support above $0.000010 holds. However, caution is advised as whale holdings have decreased by approximately 80% since May highs, and open interest in SHIB futures has contracted significantly, suggesting reduced leveraged trading activity.
There is a notable resistance zone near $0.00001200 to $0.00001252 due to a substantial $400 million supply of tokens purchased at this level, posing a challenge for further price appreciation. The Moving Average Convergence Divergence (MACD) indicator is approaching a bullish crossover, indicating that the recent downtrend pressure may be diminishing.
Overall, the SHIB community remains cautiously optimistic, with key resistance and support levels closely monitored. The token currently trades around $0.00001162, supported by increased whale accumulation and technical indicators, which could foster continued recovery if critical price thresholds are breached.