Market Recovery and Whale Activity
Shiba Inu (SHIB) rebounded 17% from a 16-month low of $0.00001005, mirroring broader crypto market stabilization after initial volatility triggered by geopolitical tensions. Notably, large investors ("whales") seized the opportunity to acquire **10.4 trillion SHIB tokens** ($110 million) in a single day—the highest daily accumulation in five months.
Key Observations:
- Support Levels: SHIB found strong volume support at $0.00001158, with 24-hour trading volume spiking to 439 billion tokens (above daily averages).
- Uptrend Signals: Higher lows formed a subtle ascending channel, indicating accumulation at support. A breakout above $0.00001175 resistance could fuel further upside.
- Current Price: SHIB trades at $0.00001162 (CoinDesk data), showing resilience despite recent volatility.
Technical Analysis: Descending Triangle Formation
SHIB's hourly chart reveals a descending triangle pattern, marked by:
- Falling Trendline: Reflects declining highs.
- Horizontal Support: Steady price floor at $0.00001158.
Potential Outcomes:
- Bullish Scenario: Breaching the descending trendline may target June 16 resistance at $0.00001230.
- Bearish Reversal: A breakdown below support could signal renewed downward pressure.
AI-Generated Insights (CoinDesk Analytics)
- Accumulation Trend: Whale purchases and higher lows suggest sustained buying interest.
- Micro-Movements: SHIB rose 0.2% ($0.00001169 to $0.00001171) during a key 60-minute window, with volume peaking at 12.36 billion SHIB during a brief surge to $0.00001175.
- Consolidation Phase: Sharp correction at 08:03 tested support, indicating post-rally consolidation.
FAQ Section
Q: Why did SHIB whales buy 10T tokens?
A: Whales likely capitalized on the 16-month low price, anticipating a rebound. Large accumulations often precede upward momentum.
Q: What does the descending triangle pattern mean for SHIB?
A: It signals a battle between buyers (support) and sellers (resistance). A breakout above the trendline suggests bullish continuation, while a breakdown implies further declines.
Q: How does SHIB’s recovery compare to Bitcoin’s performance?
A: While BTC reclaimed $106K after dipping below $100K, SHIB’s 17% bounce reflects stronger recovery relative to its recent lows.
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