During a recent price drop, large investors (whales) accumulated approximately 10.4 trillion Shiba Inu (SHIB) tokens worth around $110 million, indicating strong buying interest during weak market conditions. SHIB's price fell 27% since mid-May, reaching a 16-month low near $0.00001005 before beginning a recovery.
Technical patterns suggest a potential pause in the downtrend. SHIB formed an "inside week" candle pattern indicating indecision but possible exhaustion of sellers, often a precursor to upward movement. On June 29, SHIB broke out of its consolidation with 5.8 times the average trading volume, pushing its price up to about $0.00001198 before profit-taking caused a slight pullback.
Currently, SHIB trades near $0.00001167, up 11% over seven trading days. Technical indicators such as an RSI of 43.17 and weakening bearish pressure on the MACD point to neutral momentum with room for upside. If SHIB clears resistance at $0.00001733, a breakout could target $0.000025, more than doubling current levels.
This accumulation by whales combined with rising trading volume and established support may signal stabilization and the possibility of an upcoming rally for SHIB after prolonged declines.